A fundamental question in accounting is whether and to what extent financial reporting
facilitates the allocation of capital to the right investment projects. Over the last two decades …

The extant corporate investment literature has documented that information asymmetry and
agency conflicts between managers and outside investors prevent firms from making optimal …

内容提要: 本文在代理理论框架下, 基于中国国有企业薪酬管制的制度背景,
就经理薪酬对投资过度和投资不足的影响进行了理论分析, 并以我国上市公司2000—2004 …

We provide the first comprehensive and robust evidence on the relationship between board
independence and firm performance in China. We find that independent directors have an …

Firm innovation drives both firm competitiveness and economic growth. Constructing a novel
firm-patent panel database from 29 countries, I find that transparency directly boosts …

Using a sample of 21,030 US firm-year observations that represents more than 3000
individual firms over the 1998–2012 period, we investigate the relationship between …

We estimate the effect of temporary tax incentives on equipment investment using shifts in
accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings …

We investigate whether superior performance on corporate social responsibility (CSR)
strategies leads to better access to finance. We hypothesize that better access to finance can …

This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by
activists improve their innovation efficiency over the five-year period following hedge fund …