We examine the effects of asymmetric disclosure of good and bad news on price We examine the effects of asymmetric disclosure of good vs. bad news on price informativeness when prices provide useful information to assist firms' investment decisions. We find that more timely disclosure of...

A belief that markets are efficient is blamed for instigating the crisis we are in and lulling us into complacency as the crisis was approaching. But the debate about the role of such belief in the crisis is unfocused for two reasons. First, a lack of a common definition of market efficiency...

The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspaper articles, this study investigates whether the media in China has an incremental impact on stock price efficiency. We find that: as...

The financial crisis has brought about dramatic consequences for economies and societies. Questions emerge about responsibility for the crisis and, implicitly or explicitly irresponsibility; the obligations to take responsibility for the costs and other adverse effects of the recession; and the...

How do you build the best board for your organization? What attributes and skills are required by law and what mix of experiences and talents will give you the best corporate governance? What are the commonly required director attributes that are a must for each board and how do you customize...

This article explores the federal securities law status of financial interests in for-profit social enterprise entities. When analyzed through the lens of the Securities Act of 1933 and the Securities Exchange Act of 1934, financial interests in social enterprise businesses raise both concerns...

This paper investigates the effect of organizational capital, typified by various management practices within a firm, on the cost of external debt financing. Using a sample of medium-sized manufacturing firms in the U.S., we find that better management practices enhance a firm's external...

This short introduction to the book, Enron: Corporate Fiascos and Their Implications (2004), is designed to walk the reader through the organization of the entire book. The book itself is designed for use by law schools, business schools, and undergraduates

This PowerPoint deck is used in the classroom to provide a broadly useful framework for value creation. The theme is that we are better equipped to deal with value creation by first gaining insights into how we build knowledge. Part 1 discusses core beliefs critical to a sharpened worldview that...

I investigate the relationship between unethical culture and financial performance based on a text analysis of over 100,000 employee reviews posted at Glassdoor in Brazil. My measure of unethical culture is based on the “two-factor model of ethical culture” developed by Ethical Systems. The...