This paper examines the market’s reaction to news of corporate mergers and acquisitions (M&A) by Japanese bidders during the 1990s. Domestic versus global bids and pro-M&A legislation are considered as determinants of bidders’ abnormal returns. The results show that bidders for domestic targets earn significant abnormal returns after the institutions of pro-M&A legislation in Japan. These findi...

Concentration-based thresholds for horizontal mergers, such as those in the US Horizontal Merger Guidelines, play a central role merger analysis but their basis remains unclear. We show that there is both theoretical and an empirical focusing solely on change concentration, ignoring its level, screening mergers whether unilateral price effects will harm consumers. also argue current threshold l...

SUMMARY This article summarizes Knechel, Thomas, and Driskill (2020), conceptualizing financial auditing as an economic service. In contrast to the production of tangible goods, a central characteristic services is substantial customer/client participation in process. Financial intensive collaborative network service due multiple parties involved consumption resulting output. introduces signifi...

SYNOPSIS In this study, we propose a reciprocal rent-seeking game between politicians and individual auditors with political connections examine how these auditors' influence their audit quality. Using hand-collected data from China 2008 2013, find that politically connected have significantly lower tendency to issue modified opinions (MAOs). We also politicians' career prospects are adversely ...

SUMMARY This paper examines whether and how firms’ engagement in related-party transactions (RPTs) is shaped by public communication of audit risks as required the expanded report. Using phased regulatory changes China a difference-in-differences design with firm fixed effects matching, we find that firms significantly reduce their RPTs after adoption reports (EARs). To investigate potential me...

After the revolution of 1979, all of the private banks existing in Iran were nationalized and the economic system was based on public, cooperative and private sectors and banking operations were categorized in public sector. Consequently, private sector and foreign banks were bared from doing banking operations in Iran. According to the recent laws and regulations passed in Iran, the Irani...

Abstract We document novel evidence on the spillover effect of a corporate control regulation local mortgage markets. find that banks directly targeted by Sarbanes-Oxley Act (SOX) to rectify their internal weaknesses reduce originations following regulation’s enactment. This causes credit be reallocated toward other in same markets: while competing public expand lending safer borrowers, private...

petition, with ethics committee approval (HREC-33167), all hospital nurses received an anonymous online survey invitation. Demographic, Likert scale and freeform information was collected. Questions elicited attitudes and perceived barriers or facilitators to JC. Freeform data was themed. Survey completers could provide separate details to win a voucher. Results Compared to the previous year th...

The overall independence of a firm’s governance system depends not only on the independence of its board of directors but also on CEO influence over the other top executives. We find that board independence and independence from CEO influence in the executive suite are inversely related. Difference-in-difference estimates using a regulatory shock reveal that strengthening board independence wea...

Organizational boards of directors are one of the most important subgroups within most modern organizations, performing critical advisory, monitoring and resource dependence roles. This paper investigates the crucial question of whether the stock market values ethnic and gender diversity within organizational boards. We find that board diversity is positively associated with market valuation. W...