While analyst earnings forecasts are crucial earnings benchmarks in equity valuation, existing studies provide no consensus on whether the market rewards firms for beating analyst earnings expectations. Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over...

Using a sample of Chinese listed firms and a difference-in-differences research design, we examine how internal control reporting (ICR) affects firms’ bond cost. We find that, during the voluntary ICR period, bondholders only reward voluntary disclosers perceived as having higher quality of...

We examine the effectiveness of institutional investors in constraining aggressive earnings management induced by strong contractual incentives. To this end we focus on the consequences of earnings-related promises (covenants) negotiated between corporate controlling shareholders and minority...

How does import competition from China affect engagement on ESG initiatives by US corporates? On the one hand, reduced profitability due to import competition and lagging ESG performance of Chinese exporters can disincentivize US firms to put more resources to ESG initiatives. On the other hand,...