There is scant evidence on how risk-taking incentives impact specific firm risks. This has implications for board oversight of managerial risk taking, firms' development of comparative advantage in taking particular risks, and compensation design. We examine this question for exchange rate risk....

We examine the effect of top leader teams’ (TLT) traits on productivity using provincial level data in China over the period 1995-2015. Applying a difference-in-difference approach, we find significant causative leadership effects on productivity. In particular, TLTs’ education level and...

It is the common understanding that private lenders evaluate and price the debt contract based on the credit rating, default risk and firm characteristics of the borrowing firms. This paper takes a different angel and investigates the extent to which the loan contract incorporates and reflects...

Situated within the context of recent research that examines the decision-making process of executive compensation contract design, this paper further explores this process by investigating the compensation structure of a special group of firm insiders: the directors who are CEOs of other firms....

We investigate economic consequences of going-concern opinions in terms of corporate control, executive compensation and management turnover. We argue that announcement of going-concern opinions either decreases firm value or signals negatively to investors. Therefore, upon the announcement of...