This paper examines the influence of corporate governance systems on insiders' ability to profit from their information advantage and the ways through which corporate governance systems influence such ability. We find that corporate governance significantly reduces the profitability of insider...

In this paper we propose a model showing that in large projects syndicated by multiple investors project irreversibility and decreased volatility of the option to abandon increase investment returns. This result stems from the investors' commitment that augments the likelihood of project success...

This paper examines the accruals anomaly in an agency context where managers of overvalued firms engage in various activities, including accruals-based earnings management, to sustain overvaluation. We use managerial trading to operationalize the empirical investigation, hypothesizing that...

Some empirical evidence suggests that the expected real interest and expected inflation rates are negatively correlated. This hypothesis of negative correlation is sometimes known as the Mundell-Tobin hypothesis. In this paper, we reinvestigate this negative relation from a long-term point of...