Using a sample of 2,189 firms from 21 countries we find that, on average, stricter insider trading regulations reduce private information trading. However, for firms with high agency costs, insider trading restrictions are less effective in deterring private information trading. We suggest that...

Using a sample of 2189 firms from 21 countries we find that, on average, stricter insider trading regulations reduce private information trading. However, for firms with high agency costs, insider trading restrictions are less effective in deterring private information trading. We suggest that...

We point out several methodological flaws in previous research that concludes that managers mislead shareholders into selling their stock for too cheap by releasing overly negative information before stock repurchases. In particular, this research relies primarily on measured market reaction to...

We provide new evidence on IPOs over the industry life cycle. Less innovative, financially constrained firms seek public equity earlier in an industry's life cycle. Moreover, average profitability of early IPOs is lower when more private capital flows to the industry early in its growth phase....

Existing corporate governance research interprets positive correlation between institutional ownership and the success of mergers as evidence of active monitoring by institutional investors. The possibility that some institutional investors may have merely picked stocks that make better...

We document the role of process innovation as a distinct source of corporate technological advantage. Using machine-read textual analysis of 90 million patent claims, we provide the first large-sample empirical evidence that operational cost inefficiencies are the primary driver of process...