Independent director system is viewed as a mechanism to prevent large shareholders’ rent-seeking in companies. However, little attention has been drawn on the possibility that board structure itself may be manipulated by large shareholders for private interests. Using the percentage of...

This paper exploits a natural experiment to investigate the causal effects of the auditing fees on auditing quality: China recently imposed a minimum auditing fee requirement which forces some auditing firms to charge higher fees to their clients. We find a significant decrease in auditing...

Asymptotic uniformity of fractional parts of maxima, and the limit behavior of the number of maxima in a discrete sample has been recently studied in the literature. We consider the relationship between these two subjects. Furthermore, we study the convergence in distribution of fractional parts...