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Journal Articles

Research papers authored by Stanford GSB faculty and published in leading peer-reviewed journals that provide rigorous empirical analysis of concepts and theories in corporate governance.

David F. Larcker, Eric C. So, Charles C.Y. Wang
Journal of Accounting & Economics. April
2013, Vol. 55, Issue 2–3, Pages 225–250

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central...

Christopher S. Armstrong, Alan D. Jagolinzer, David F. Larcker
Journal of Accounting Research. May
2010, Vol. 48, Issue 2, Pages 225-271

This study examines whether Chief Executive Officer (CEO) equity-based holdings and compensation provide incentives to manipulate accounting reports. While several prior studies have examined this important question, the empirical evidence...

Alan D. Jagolinzer, David F. Larcker, Daniel J. Taylor
Journal of Accounting Research. December
2011, Vol. 49, Issue 5, Pages 1249–1274

Most corporate governance research focuses on the behavior of chief executive officers, board members, institutional shareholders, and other similar parties. Little research focuses on the impact of executives whose primary...

David F. Larcker, Scott A. Richardson, Irem Tuna
The Accounting Review. July
2007, Vol. 82, Issue 4, Pages 963–1008

The empirical research examining the association between typical measures of corporate governance and various accounting and economic outcomes has not produced a consistent set of results. We believe that these...

Christopher S. Armstrong, Christopher D. Ittner, David F. Larcker
Review of Accounting Studies. June
2012, Vol. 17, Issue 2, Pages 322–351

This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance...

Christopher S. Armstrong, Jennifer L. Blouina, Alan D. Jagolinzer, David F. Larcker
Journal of Accounting and Economics. August
2015, Vol. 60, Issue 1, Pages 1 – 17

We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers...

David F. Larcker, Anastasia A. Zakolyukina
Journal of Accounting Research. May
2012, Vol. 50, Issue 2, Pages 495–540

We estimate linguistic-based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements and a set of criteria to identify severity of accounting problems,...

Christopher S. Armstrong, David F. Larcker
Journal of Accounting and Economics. March
2009, Vol. 47, Issue 1–2, Pages 50–58

Bernile and Jarrell provide extensive analysis regarding the impact of backdating the stock option exerciseprice on stock returns for a sample of firms identified by the Wall Street Journal. Dhaliwal, Erickson, and...

David F. Larcker, Tjomme O. Rusticus
European Accounting Review. May
2007, Vol. 16, Issue 1, Pages 207–215

The discussion reinforces and expands on some of the fundamental issues about endogeneity raised by Chenhall and Moers (European Accounting Review, this issue, pp. 173–195). We focus on the econometric...

Christopher S. Armstrong, David F. Larcker, Che-Lin Su
Operations Research. July
2010, Vol. 58, Pages 1090–1106

The two major paradigms in the theoretical agency literature are moral hazard (i.e., hidden action) and adverse selection (i.e., hidden information). Prior research typically solves these problems in isolation, as...