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Legal Protection of Investors, Corporate Governance, and the Cost of Equity Capital
This study examines the effect of firm-level corporate governance on the cost of equity capital in emerging markets and how the effect is influenced by country-level legal protection of investors. WeExpand
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Earnings Management and Capital Resource Allocation: Evidence from China's Accounting‐Based Regulation of Rights Issues
From 1996 to 1998, listed companies in China were required to achieve a minimum return on equity (ROE) of 10 percent in each of the previous three years before they could apply for permission toExpand
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The Effects of Firm-Initiated Clawback Provisions on Earnings Quality and Auditor Behavior
While firm-initiated compensation recovery (or clawback) provisions are gaining popularity and the recently enacted Dodd-Frank Act seeks to make the clawback of erroneously awarded compensationExpand
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Substitution between Real and Accruals-Based Earnings Management after Voluntary Adoption of Compensation Clawback Provisions
ABSTRACT: To deter financial misstatements, many companies have recently adopted compensation recovery policies—commonly known as “clawbacks”—that authorize the board to recoup compensation paid toExpand
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Earnings Management and Capital Resource Allocation: Evidence from China's Accounting-Based Regulation of Rights Issue
From 1996 to 1998, listed companies in China were required to achieve a minimum return on equity (ROE) of 10 percent in each of the previous three years before they could apply for permission toExpand
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Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital
In this paper, we examine the effect of shareholder rights on reducing the cost of equity and the impact of agency problems from free cash flow (FCF) on this effect. We find that firms with strongExpand
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Interest-Rate Sensitivity of Real Estate Investment Trusts
This paper addresses the issue of whether REITs are sensitive to changes in short-term and long-term interest rates. REITs were found to be sensitive to changes in the long-term interest rates inExpand
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The Effects of Firm-Initiated Clawback Provisions on Bank Loan Contracting
Although firm-initiated clawbacks reduce accounting manipulation, they also induce managers to engage in suboptimal activities (e.g., reduce research and development (R&D) expenses) to achieveExpand
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