This paper re-examines the size of penalties following securities class actions and the impact of lobbying on the time it takes to detect managerial misconduct. Managers of lobbying firms are able to get away with misconduct for longer and are marginally less likely to have to settle a class...

This study investigates the monitoring role of media tone on Chief Executive Officer (CEO) power. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative tone is associated with a reduction in CEO power. The finding extends the theoretical framework explaining the importance...

This study investigates the association between media uncertainty and a comprehensive set of corporate decision-making measures that capture firm, investment, and financial risk. We report evidence that CEOs and firms who attract greater media uncertainty are more risk-seeking. Media uncertainty...

This study investigates the association between media uncertainty and a comprehensive set of corporate decision-making measures that capture corporate investment, and financial risk. The study predicts that firms which attract greater media uncertainty have more risk-seeking behaviours. We find...

This study investigates the association between uncertain media tone and risk-taking measures that capture CEO risk-taking incentives, corporate investment, and financial policies. The study predicts that CEOs who attract greater uncertain media tone have more risk-taking incentives. We find a...

The dramatic increase in the importance of U.S. dividends since 2001 means that financial analysts may soon demand access to updated dividend discount models (DDMs). To address this need, we introduce a new “super annuity formula” that can be used in the modular construction of...

We provide new evidence that equity incentives can have perverse effects on firm value. Conditioning the relationship between chief executive officer (CEO) incentives and the risk exposure generated by corporate policy decisions on how risk is expected to affect firm value, we find that delta...