A new regulation issued in the end of 2013 as part of the anti-corruption campaign in China leads to a wave of resignation of politically connected independent directors (PCID). I find while firms with PCIDs have negative cumulative abnormal return (CAR) around release of the new regulation,...

We find evidence that chief executive officers' (CEOs') hobby of flying airplanes is associated with significantly better innovation outcomes, measured by patents and citations, greater innovation effectiveness, and more diverse and original patents. We rule out alternative explanations, leading...

We examine the rationale behind and the consequences of the decision to appoint executives allegedly involved in governance failures (“tainted” executives) as outside directors. We find that firms with greater advising needs as well as those that can benefit more from a given director's...