We examine the effect of auditor expertise on managerial equity-based compensation. Consistent with theories that predict that firms will grant more equity-based compensation to their managers when financial statement manipulation is more likely to be detected, we find strong evidence that firms...

A purported dark side to powerful equity-based incentives is that they may induce the manager to manipulate stock prices by distorting information. Recent theories predict that firms will grant more equity-based incentives to their managers when the detection of such information manipulation is...

This book, written in story narrative form, traces the development of a company from a start-up to a global enterprise. It develops the key concepts related to this evolution - corporate strategy, raising external finance, capital budgeting, dividend policy, mergers and acquisition,...

"The credit rating industry has historically been dominated by just two agencies, Moody's and S&P, leading to longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to...