Because a political crisis may negatively affect stock returns, it is important for investors to know which firms will be affected less adversely by such a crisis. This study shows that firms that are controlled by families or have high growth opportunities will experience larger declines in...

Managers are more likely to overestimate earnings if they are less likely to be penalized when their forecasted earnings cannot be achieved. Since corporate governance is expected to influence a firm's monitoring mechanism, the authors argue that the corporate governance mechanism will also...