We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with this hypothesis. Specifically, manipulation strategies may rely on the...

This paper investigates the relation between political engagement by special interest groups (corporations and labor unions) and corporate stock returns in the United States. Exploiting two opposing interventions affecting the legality of soft-money political contributions from unions and...

This study shows that US firms headquartered in more corrupt areas tend to use a more cautious approach to their earnings forecasts, providing narrower and more pessimistic management earnings forecast ranges. This is due to a desire to protect their assets from rent-seeking behavior by corrupt...