In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China IPO market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also consistent with...

We examine the association between CEO compensation and corporate social responsibility (CSR). We find that CEO compensation is negatively associated with CSR investment. We find CEO compensation is positively associated with normal CSR, suggesting that CEO is rewarded for investing in optimal...

Some Chinese listed companies pay out high dividends, despite the weak legal and institutional pressure on them to mitigate agency problems by paying dividends. We conjecture that such a phenomenon is caused by the differential pricing for tradable and non-tradable shares during the IPO of these...

This paper examines the association between CEO reputation and corporate capital investments. The efficient contracting hypothesis predicts a positive association between CEO reputation and wealth effects of corporate capital investments. In contrast, the rent extraction hypothesis predicts that...

This paper analyzes how the structure of the legislature affects interest groups' incentives to lobby. Lobbying is modelled as the strategic provision of information by an interest group to a multi-member legislature, and the effectiveness of lobbying lies in the ability of information to change...

The main purpose of this paper is to investigate how investors perceive and respond to a firm's R&D announcement. We propose that board structure and intra-industry competition jointly dictate the announcement return. In addition, we assume that investors prefer carefully scrutinized R&D...

Most financial institutions around the world are under concentrated ownership. To protect rents and the private benefits of control, controlling owners prefer to include more affiliated members on their boards. This study empirically examines financial institutions in Taiwan—a country that...

type="main" <p>The authors' study of audit committees in 450 large East Asian companies (150 each in Hong Kong, Singapore, and Malaysia) finds a strong positive correlation between the “cash flow” ownership (as opposed to just the voting rights) of large shareholders and the percentage of...</p>

We integrated accounting, corporate governance, and macroeconomic variables to build up a binary logistic regression model for the prediction of financially distressed firms. Debt ratio and ROA are found to be the most explanatory accounting variables while the percentage of directors controlled...