I examine EU regulations requiring timely public disclosures of large short positions. I find that these regulations, despite increasing costs to short selling, improve price efficiency during the earnings announcement period, as evidenced by …

This study introduces a novel metric of audit expertise—the co-signing experience of a lead partner with other partners over the past five years—to explore its impact on audit quality. Our findings show that co-signing experience positively …

In the European Monetary Union (EMU), monetary policy is determined by the European Central Bank (ECB). This arrangement can give rise to certain national economic imbalances that may potentially be addressed through national policies.

This paper investigates the impact of managerial bad news hoarding on the quality of financial analyst forecasts, using a panel dataset of US public firms spanning from 1995 to 2022. Using stock price crash risk to measure managerial bad news …

Using a unique data set for 164 major Bitcoin (BTC) exchanges, we find that country segmentation, cultural differences in inequality, dependence on others, emotional gender roles, and exchange-specific risk differences in systematic risk …

Using the uncommonness of first names as a proxy for individualism at the personal level, we find that individualistic chief executive officers (CEOs) are 50–60% more likely to make financial misstatements and are approximately twice as likely as …

Theoretical arguments suggest that corporate board reform will influence firms’ capital structure choices. Consistent with this argument, we examine the impact of corporate board reform on the capital structure dynamics of UK firms. Using 12,384 …

We investigate the influence of ESG disclosure on tax aggressiveness within the North American Travel and Leisure (T&L) sectors, specifically examining the role of sustainability committees in this relationship. Our analysis utilizes longitudinal …

This paper aims to analyze the credit risk disclosure (CRD) practices of the banking industries of two countries characterized by different supervisory regimes, namely Canada (“non-interventionist” regime) and Italy (“interventionist” regime), and …

This study explores how government subsidies contribute to the growth of culture and creative industries (CCIs) by analyzing their impact on R&D spending, market value, operational performance, and social commitment among CCI firms in Taiwan. It …

We investigate the perceptions of corporate managers of non-dividend-paying firms listed on the London Stock Exchange (LSE) to identify the factors and explanations leading to a zero cash dividend policy. Our survey evidence shows that the main …

We examine whether high-profile corruption investigations effectively deter corruption beyond those companies being investigated by examining Brazil’s investigations of its largest companies, known as Lava Jato (Car Wash). Corruption is …

This paper investigates the relationship between adaptability culture and the propensity of US publicly listed firms to meet or beat analysts’ expectations. We develop a novel firm-level measure of adaptability culture using textual analysis of …

Introduced under the Trump-Pence Administration, the Paycheck Protection Program (PPP) provided short-term relief loans to small American businesses during the peak of the Coronavirus pandemic. The initial design of the PPP faced significant …

There is growing interest in blockchain technologies and the prospects of adopting some form of digital money in the future. Governments and regulators around the world, as well as market participants, are exploring what implications these can …

In this paper, we incorporate new technology investment into a dynamic Q-theoretic framework where firms face financing constraints, and examine the interactions among investments in new technology and capital, and risk management, including cash …

We examine how socially responsible investment (SRI) mutual funds emphasizing employee relations are associated with the performance of their portfolio firms, measured by return on assets (ROA). We highlight the important role of mutual-fund …

Motivated by the intention of both the IASB and FASB leading up to the adoption of IFRS 16 (ASC 842), which brings off-balance-sheet (OBS) leases back onto corporate balance sheets, we investigate whether IFRS 16 adoption affects stock price crash …

This paper proposes an Exponential HEAVY (EHEAVY) model, which specifies the dynamics of returns and realized measures of volatility in an exponential form. The model ensures positivity of volatility and allows for asymmetric effects without …