We document that firms that are larger, have stronger governance and more able CEOs are more likely to combine CEO and board chair roles (i.e., duality). We also document that firms that split these roles have significantly lower announcement and post-announcement returns, and lower...

Previous literature studies analysts' earnings forecasts without considering firms' response to analysts' forecasts. This study improves upon previous research by considering firms' earnings management with respect to analysts' forecasts. I hypothesize that analysts understand these earnings...

Composite Marginal Likelihood (CML) has become a popular approach for estimating spatial probit models. However, for spatial autoregressive specifications the existing brute-force implementations are infeasible in large samples as they rely on inverting the high-dimensional precision matrix of...