Category Archives: Governance

Regulations and Brain Drain: Evidence from Wall Street Star Analysts’ Career Choices

By | November 19, 2018

Courtesy of Yuyan Guan, Congcong Li, Hai Lu, and Franco Wong Sell-side analysts from investment banks have long been suspected of issuing overly optimistic stock research in exchange for investment banking business, especially during the Internet bubble period in the late 1990s. Amongst a series of reforms from 2002 to 2003 to address the conflicts… Read More »

The Corrosive Effect of Offshore Financial Centers on Multinational Firms’ Disclosure Strategy

By | October 9, 2018

Courtesy of Walid Ben Amar, Luo He, Tiemei Li, and Michel Magnan Establishing subsidiaries in offshore financial centers (OFCs), such as the Bahamas, Bermuda, and the Cayman Islands, has become increasingly common for multinational corporations. For multinationals headquartered in the U.S., the primary (or at least ostensible) purpose of creating OFC subsidiaries is to reduce taxes.… Read More »

Carillion Plc: A Governance Case Study from the UK

By | July 18, 2018

Courtesy of Joseph A. Smith Jr. At year-end 2016, Carillion Plc (Carillion or the company) was, in the words of its annual report, “one of the UK’s leading integrated support services companies, with a substantial portfolio of Public Private Partnership projects, extensive construction capabilities and a sector-leading ability to deliver sustainable solutions.” [1] The company… Read More »