CGRI 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.

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Shall We Talk? The Role of Interactive Investor Platforms in Corporate Communication

Charles M. C. Lee, Qinlin Zhong
Journal of Accounting and Economics November2022 Vol. 74 Issue 2-3

Between 2010 and 2017, Chinese investors used an investor interactive platform (IIP) to ask public companies around 2.5 million questions, the vast majority of which received a reply within two weeks. We analyze these IIP dialogues…

How Much Should We Trust Staggered Difference-In-Differences Estimates?

Andrew Baker, David F. Larcker, Charles C.Y. Wang
Journal of Financial Economics May2022 Vol. 144 Issue 2

We explain when and how staggered difference-in-differences regression estimators, commonly applied to assess the impact of policy changes, are biased. These biases are likely to be relevant for a large portion of research settings in finance,…

Political Connections and the Informativeness of Insider Trades

Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor
The Journal of Finance August2020 Vol. 75 Issue 4

We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which Troubled…

Long-Term Economic Consequences of Hedge Fund Activist Interventions

Ed deHaan, David F. Larcker, Charles McClure
Review of Accounting Studies February2019 Vol. 24 Issue 2

We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism…

Causal Inference in Accounting Research

Ian D. Gow, David F. Larcker, Peter C. Reiss
Journal of Accounting Reseach April2016 Vol. 54 Issue 2

This paper examines the approaches accounting researchers adopt to draw causal inferences using observational (or nonexperimental) data. The vast majority of accounting research papers draw causal inferences notwithstanding the well-known…

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