We exploit a regulatory change to examine whether bank regulator strictness is affected when regulators no longer rely on external assurance. In the absence of external assurance, we find that banks report higher nonaccrual loans, higher troubled debt restructurings, and both a timelier loan...

This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and various governance provisions (e.g., staggered boards and...

We document a significant increase in the reliability of target prices following the implementation of SRO-rulings, which were designed to mitigate sell-side analyst conflicts of interest. We test whether the increase is associated with the implementation of the rules’ provisions (the...