We show that the sensitivity of corporate investment to stock price is higher for firms cross-listed in the U.S. than for firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish over time after this date. Moreover, the impact of...

How do changes to stock price informativeness affect the mix of long-term and short-term pay? We answer this question using two exogenous shocks to price informativeness: the reduction in analyst coverage due to closure of brokerage houses and mutual-fund flow driven price pressure. Using the...

We study the impact of accelerated vesting of equity awards on takeovers, whereby the restricted stock and/or stock options of the target CEO immediately vest and become unrestricted upon the close of the acquisition. We find that takeover premiums are significantly larger when the target CEO...

We analyze class action litigation as a corporate governance device. Firms that have lower internal governance standards and those with fewer external monitors are more likely to be indicted. Lawsuits announcements are salient information to the market, as firms, on average, lose 12.3% without a...

Using a large sample of U.S. firms from 2001-2018, we examine the association between corporate integrity culture and stock price crash risk. We find that firms with high integrity culture are less likely to experience future stock price crashes. Further results show that integrity culture, as a...

Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...

This paper separates the amount of IPO underpricing (primary market underpricing) and overvaluation (secondary market overvaluation) from the value of an IPO’s initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948...

Using various “centrality” measures from Social Network Analysis (SNA), we analyze how the location of a lead IPO underwriter in its network of investment banks affects various IPO characteristics. We hypothesize that investment banking networks allow lead IPO underwriters to induce...

Employing a sample of voluntary CEO turnovers selected from S&P 500 firms over the period 2004-2012, we investigate the impact of the prior firm's performance on the length of time expired between when a CEO resigns and when he/she is hired for an equivalent job with a similar company. We find...

Objective - This paper assesses the value of information disclosure in Malaysian analyst reports by examining three categories of firms, according to their age (young, medium and old).Methodology/Technique - The study uses a market-adjusted method to calculate the cumulative abnormal return and...