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Opaque financial reports, R2, and crash risk
We investigate the relation between the transparency of financial statements and the distribution of stock returns. Using earnings management as a measure of opacity, we find that opacity isExpand
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Liquidity Risk Management and Credit Supply in the Financial Crisis
Liquidity dried up during the financial crisis of 2007-2009. Banks that relied more heavily on core deposit and equity capital financing, which are stable sources of financing, continued to lendExpand
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The Impact of Institutional Ownership on Corporate Operating Performance
This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm’s operating cashExpand
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Corporate Governance and Pay-for-Performance: The Impact of Earnings Management
Abstract We ask whether the apparent impact of governance structure and incentive-based compensation on firm performance stands up when measured performance is adjusted for the effects of earningsExpand
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Changes in corporate performance associated with bank acquisitions
Abstract This paper examines the post-acquisition performance of large bank mergers between 1982 and 1987. On the whole, the merged banks outperform the banking industry. Their better performanceExpand
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Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues
We examine whether market and operating performance affect corporate financing behavior because they are related to target leverage. Our focus on firms that issue both debt and equity enhances ourExpand
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Boards of directors, ownership, and regulation
In this paper we examine whether regulation can be used to substitute for internal monitoring mechanisms (percentage of outside directors, officer and director common stock ownership, and CEO/ChairExpand
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Corporate governance and earnings management at large U.S. bank holding companies
This paper examines whether corporate governance mechanisms affect earnings and earnings management at the largest publicly traded bank holding companies in the United States. We first find thatExpand
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Bank Earnings Management and Tail Risk during the Financial Crisis
We show that a pattern of earnings management in bank financial statements has little bearing on downside risk during quiet periods, but seems to have a big impact during a financial crisis. BanksExpand
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The impact of state ownership on performance differences in privately-owned versus state-owned banks: An international comparison
This paper examines how government ownership and government involvement in a country's banking system affect bank performance from 1989 through 2004. Our study uncovers an interesting pattern ofExpand
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