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This paper empirically examines whether certain corporate governance mechanisms are related to the probability of a company restating its earnings. We examine a sample of 159 U.S. public companies that restated earnings and an industry-size matched sample of control firms. We have assembled a novel, hand-collected dataset measuring corporate governance(More)
We examine the penalties imposed on all 585 firms that were targeted by SEC enforcement actions for financial misrepresentation from 1978-2002, which we track through November 15, 2005. The penalties imposed on firms through the legal system appear to be small, as the unconditional mean total of all legal penalties is only $23.5 million per firm. The(More)
Cot-based sequence discovery represents a powerful means by which both low-copy and repetitive sequences can be selectively and efficiently fractionated, cloned, and characterized. Based upon the results of a Cot analysis, hydroxyapatite chromatography was used to fractionate sorghum (Sorghum bicolor) genomic DNA into highly repetitive (HR), moderately(More)
Many firms deploy takeover defenses at the time of their IPOs, although at significantly lower rates than for seasoned corporations. We find that IPO managers deploy takeover defenses particularly when their compensation is high, shareholdings are small, and the oversight from non-managerial shareholders is weak. We also find that the presence of a takeover(More)
We test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders enjoy large private benefits of control are less likely to go(More)
Preventives are sold ex ante, before disease status is realized, while treatments are sold ex post. Even if the mean of the ex ante distribution of consumer values is the same as that ex post, the shape of the distributions may differ, generating a difference between the surplus each product can extract. If, for example, consumers differ only in ex ante(More)
BACKGROUND The Millennium Development Goals (MDGs) were 'top-down' goals formulated by policy elites drawing from targets within United Nations (UN) summits and conferences in the 1990s. Contemporary processes shaping the new post-2015 development agenda are more collaborative and participatory, markedly different to the pre-MDG era. This study examines(More)
Animal-vehicle collisions (AVCs) are a growing concern as vehicle miles traveled and human encroachment into wildlife habitat continues to increase throughout the United States. Few studies have examined the application of intelligent transportation systems (ITS) to modify driver behavior to reduce these collisions. This study investigated the effectiveness(More)
a r t i c l e i n f o a b s t r a c t According to the international arbitrage pricing theory (IAPT) posited by Solnik (1983), currency movements affect assets' factor loadings and associated risk premiums. Based on a novel universal return decomposition, we propose an empirical model to test this proposition and perform tests using U.S. stock returns in(More)
As the People's Republic of China has modernized, it has become increasingly reliant on Middle Eastern oil to fuel its economy. But economics did not always play a primary role in China's Middle East policy. This thesis seeks to answer the questions: what have been the drivers of the PRC's foreign policy in the Persian Gulf region – and what historical,(More)