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Peer Choice in CEO Compensation
Current research shows that firms are more likely to benchmark against peers that pay their Chief Executive Officers (CEOs) higher compensation, reflecting self-serving behavior. We propose anExpand
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Do Private Company Targets that Hire Big 4 Auditors Receive Higher Proceeds?
This study documents a substantial impact of Big 4 auditor choice on the sale proceeds of controlling interests of U.S. private firms. A representative private stock-purchase company with medianExpand
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Analyst Report Readability
Using an extensive database of 356,463 sell-side equity analysts' reports from 2002 to 2009, this study is one of the first to analyze the readability of analysts' reports. We first examine theExpand
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Do Analysts' Notes Provide New Information?
This paper systematically studies analysts' notes, an important form of analyst disclosure not previously studied in the literature. Analyst notes are written disclosures that represent a product ofExpand
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The Effect of Disclosure on the Pay-Performance Relation
We examine whether greater transparency leads to improved evaluation and rewarding of management. We posit that disclosure improves board effectiveness at monitoring executives and in strengtheningExpand
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Product Market Peers in Lending: Information Processing Efficiencies and Proprietary Costs
This study examines how product market peers affect lending relationships. We contend that firms are more likely to borrow from a bank that has previously lent to a peer, to mitigate informationExpand
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The Performance of Analysts with a CFA Designation: The Role of Human-Capital and Signaling Theories
This study compares the performance of sell-side equity analysts with and without a CFA designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts thatExpand
Marijuana Liberalization and Public Finance: A Capital Market Perspective on a Public Health Policy
The staggered passage of state medical marijuana laws increases state bonds’ offering and trading spreads by 7-11 basis points. Consistent with medical marijuana laws causing an increase in states’Expand
Managerial Ability and Bank�?Loan Pricing
This paper examines the impact of borrowers’ managerial ability on lenders’ bank-loan pricing and the channels through which managerial ability affects bank-loan pricing. Using a large sample of U.S.Expand
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Similarity in the Restrictiveness of Bond Covenants
Abstract We examine the economic determinants and consequences associated with the inclusion of covenants with similar levels of restrictiveness in bond contracts. Using a unique Moody’s bondExpand
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