This study investigates whether board reforms affect firms’ capital and labor investment efficiency. Based on difference-in-differences analyses, we show that board reforms improve capital investment efficiency. Importantly, after controlling for capital investment inefficiency, board reforms...

We examine the association between managerial overconfidence and internal controls. We hypothesize and find that firms with overconfident managers are more likely to maintain ineffective internal controls. Moreover, we find no evidence that these managers are more able to mitigate the known...

This paper examines whether earnings restatements announced by one firm affect the disclosure policy of non-restating peer firms. Prior research suggested that restatements contain news about the future prospects and/or financial reporting quality of the restating firms' peer firms. This news...

Research Question/Issue: Using the data of the 20 largest financial institutions from G8 countries, we explore whether the performance is higher for financial institutions with more independent directors on different committees during the 2007–08 financial crisis. We also examine the...

Risk contagion between carry trade portfolios and stock markets had been explored in literatures, leaving inconsistent controversy. Instead of exploring ordinary return-volatility spillovers, this paper focuses on a systemic contagion, the tail risk conditional on extreme events in other...