We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore plausibly exogenous variation in the expectation of further partial privatization generated by China’s split share structure reform, which mandatorily converts non-tradable shares...

This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...

We find the limited supply of female directors, rather than gender differences or boardroom biases, can create an informational disadvantage for some female independent directors, as measured by their open market trading profits. The information disparity is largely isolated to firms with...

This study investigates the association between media uncertainty and a comprehensive set of corporate decision-making measures that capture firm, investment, and financial risk. We report evidence that CEOs and firms who attract greater media uncertainty are more risk-seeking. Media uncertainty...

This study investigates the association between uncertain media tone and risk-taking measures that capture CEO risk-taking incentives, corporate investment, and financial policies. The study predicts that CEOs who attract greater uncertain media tone have more risk-taking incentives. We find a...