We examine whether foreign investors impact corporate governance by analyzing the relation between foreign share ownership and pay-performance sensitivity. While the extant literature has examined the impact of foreign ownership, the evidence for emerging markets is limited. We test our...

Majority voting in board elections has emerged as a dominant theme in recent proxy seasons. Analysis of majority voting is important: first, the impact is controversial yet scant empirical evidence exists. Second, Congress is still considering mandating this practice. Third, there has been a...

We find that the relative levels of the computationally costly q-estimator developed by Perfect and Wiles (1994) and the simple one of Chung and Pruitt (1994), when used as continuous variables, are affected by variations in several firm financial characteristics. In contrast, when the...

Although unit initial public offering (IPO) firms reserve the right to amend the original terms of their warrants, only some choose to extend the exercise period, lower the exercise price, or both. We examine the extent of warrant amendment among unit IPOs and find that the decision to amend is...

We find that the relative levels of the computationally costly q-estimator developed by Perfect and Wiles (1994) and the simple one of Chung and Pruitt (1994), when used as continuous variables, are affected by variations in several firm financial characteristics. In contrast, when the...

We study the long-term stock performance of initial public offerings (IPOs). We examine how past performance affects the board of directors' stability and how changes in boards affect subsequent performance. We introduce a dynamic, scale invariant stability metric to measure such changes. Our...

Using a large sample of director elections, we document that shareholder votes aresignificantly related to firm performance, governance, director performance, and votingmechanisms. However, most variables, except meeting attendance and ISSrecommendation, have little economic impact on...

Options, often issued to the underwriter of unit IPOs, provide an interesting application of exotic option valuation. These options, which are generally for a unit or bundle of share(s) and warrant(s), are usually redeemable so that the underwriter option on the unit represents an up and out...