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CEO power and corporate strategies: a review of the literature
In recent years, the impact of chief executive officers (CEOs) power on corporate strategies has attracted significant public debate in the academic...
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Relationships Matter: the Impact of Bank-Firm Relationships on Mergers and Acquisitions in Japan
We examine the influence of bank-firm relationships on mergers and acquisitions (M&As) in Japan. This examination dissects the effect of firms’...
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Vertical propagation of default risk along the supply chain
This study investigates the propagation of default risk along the supply chain. We adopt a modified version of the firm-specific upstreamness measure...
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The influences of information demand and supply on stock price synchronicity
This study investigates how information flow affects the determinants of stock price synchronicity, with a focus on the role of investors'...
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CEO optimism and the use of credit default swaps: evidence from the US life insurance industry
In this study, we examine the effects of the degree of CEO optimism on their risk-taking behaviors and on firm value and show that CEOs with low...
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Corporate environmental responsibility and the business risk of Vietnamese SMEs: the mediating role of internal control
A significant amount of research has focused on examining the correlation between corporate environmental responsibility (CER) and the financial...
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The Indirect Diversification Benefits of Investing in Japanese Firms: An Alternative Perspective
This paper examines the role of firm-level multinationality in equity portfolio diversification for Japanese firms from 1998 to 2015. We use a unique...
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Corporate Social Responsibility Activities and Impact on Firm Value: The Case of the Technology Company Group
The objective of this study was to analyze the relationship and influence of the corporate social responsibility (CSR) performance of 50 technology...
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Locally-rooted directors
We study the influence of locally-rooted directors (LRDs)—board members with personal ties to a company’s geographic location—on firm performance. On...
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Do lottery characteristics matter for analysts’ forecast behavior?
This study examines the effect of lottery characteristics on analysts’ earnings forecasts. We find that analysts are more optimistic for lottery...
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Two-tier board characteristics and expanded audit reporting: Evidence from China
This paper investigates the relationship between the characteristics of the two-tier board structure (board of directors and supervisory board) and...
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Trade secret laws and initial public offering underpricing
This paper examines the impact of trade secret laws on the underpricing of initial public offerings (IPOs) in the United States, where we focus on...
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Blockchain as an Economic Optimization Problem: Value, the Firm and the Limits of Decentralization
The technological change that blockchain brings to the economy is not Hicks-neutral. Different choices in the architecture design of a DLT generate...
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Firm Opacity and the Clustering of Stock Prices: the Case of Financial Intermediaries
In this study, we develop and test the hypothesis that because of opacity, the stock prices of financial firms will cluster on round fractions more...
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Earnings quality and board meeting frequency
We propose that corporate directors are in greater need of soft information about the firm when the quality of hard accounting information is low. We...
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Does religiosity improve analyst forecast accuracy?
This paper studies the impact of local religiosity on analyst forecast accuracy. Using the level of religious adherence as a proxy for religiosity in...
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Mutual funds, tunneling and firm performance: evidence from China
In contrast to US companies, Chinese firms have concentrated ownership with the effect that the central agency problem emanates from controlling...
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Chairperson (CEO) facial structure and risky investments: evidence from Chinese acquisitions
This study examines whether and how chairperson facial masculinity, a personality trait that signifies dominant power, influences firm value of...
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The dynamics of leverage of newly controlled target firms: evidence after an acquisition
The paper provides insights into how debt overhang issues related to transfers of value to creditors can impact target firms’ financial policy after...
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The performance of compliant stocks during the Covid-19 crisis
The outbreak of the Covid-19 pandemic led to a sharp decline in the market value of the global equity markets. The purpose of this paper is to answer...
