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Full-Text Articles in Business
Monitoring By The Financial Press And Forced Ceo Turnover, Kathleen A. Farrell, David A. Whidbee
Monitoring By The Financial Press And Forced Ceo Turnover, Kathleen A. Farrell, David A. Whidbee
Department of Finance: Faculty Publications
This paper examines Wall Street Journal news stories about 79 firms that forced CEO turnover and a matched sample of firms that did not force CEO turnover. In the two years prior to turnover, firms in the forced-turnover sample were the subjects of 76% more news stories about poor firm performance despite being from the same industry, of similar size, and similar performance as a sample of matched firms. Overall, the evidence suggests that scrutiny of poor firm performance by the financial press increases the likelihood of forced CEO turnover.
Financial Disclosure And Speculative Bubbles: An International Test Of Asymmetry, Benjamas Jirasakuldech, Thomas S. Zorn, John Geppert
Financial Disclosure And Speculative Bubbles: An International Test Of Asymmetry, Benjamas Jirasakuldech, Thomas S. Zorn, John Geppert
Department of Finance: Faculty Publications
This paper applies two tests of asymmetry to examine if the quality of a country’s financial disclosure system affects the likelihood of speculative bubbles. We examine the hypothesis that stock prices of firms in countries with a low level of financial disclosure are more likely to experience bubbles. The countries, ranked in order of disclosure levels, are the United States, Canada, the United Kingdom, the Netherlands, France, Japan, Germany, and Switzerland (Saudagaran and Biddle (1992)). The findings based on the third-order Markov chain test suggest the presence of asymmetry in dollar-denominated quarterly real returns of Japan, a country with a …
Financial Disclosure And Speculative Bubbles: An International Comparison, Benjamas Jirasakuldech, Thomas S. Zorn
Financial Disclosure And Speculative Bubbles: An International Comparison, Benjamas Jirasakuldech, Thomas S. Zorn
Department of Finance: Faculty Publications
This paper examines if a country’s financial disclosure system affects the likelihood of speculative bubbles. We compare stock returns of eight countries that differ in the quality of their disclosure systems as ranked by Saudagaran and Biddle (1992). We examine the hypothesis that stock prices of firms in countries with a low level of financial disclosure are more prone to speculative bubbles. We employ the duration dependence model developed by McQueen and Thorley (1994) to test for the presence of bubbles. We found that the returns in Japan, a country with a relatively low level of disclosure, shows evidence of …