Issue Information: European Financial Management 5/2021

• Published date: 01 November 2021
• Date: 01 November 2021
• DOI: http://doi.org/10.1111/eufm.12274

Volume 27 Number 5 NOVEMBER 2021

EUROPEAN

FINANCIAL MANAGEMENT

The Journal of the European Financial Management Association

ARTICLES

For Whom (and For When) is the Firm Governed? The Effect

of Changes in Corporate Fiduciary Duties on Tax Strategies

and Earnings Management

DOUGLAS CUMMING, BRYCE C. TINGLE QC

and FENG ZHAN

775

IQ and Corporate Insiders’ Decisions to Time Insider and

Outsider Trading

FLORIAN EUGSTER, JENNI KALLUNKI, HENRIK NILSSON

and HANNA SETTERBERG

814

Dividend Commitment in Firm Bylaws and Capital Structure

Change

LINYIN CHENG, GUOJUN WANG, YUETANG WANG

and DAN YANG

841

Excess Corporate Payouts and Financial Distress Risk

DIMITRIS ANDRIOSOPOULOS, AMEDEO DE CESARI

and KONSTANTINOS STATHOPOULOS

865

Institutional Investor Sentiment and Aggregate Stock Returns

XIANG GAO, CHEN GU and KEES KOEDIJK

899

Earnings Management around Founder CEO Reappointments

and Successions in Family Firms

IRAM F. ANSARI, MARC GOERGEN and SVETLANA MIRA 925

Does Sustainable Investing Reduce Portfolio Risk? A Multilevel

Analysis

SYLVIA MAXFIELD and LIU WANG 959

Earnouts: The Real Value of Disagreement in Mergers and

Acquisitions

ANNA BATTAUZ, STEFANO GATTI, ANNALISA PRENCIPE

and LUCA VIARENGO

981

MANAGING EDITOR:

John A. Doukas

EDITORS:

Julian Franks

Pekka Hietala

Michael C. Jensen

Larry Lang

Colin Mayer

ADVISORY EDITORS:

Elroy Dimson

Stefano W. Giglio

Tim Jenkinson

Maureen O’Hara

Bruno Solnik

Sheridan Titman

Luigi Zingales

EDITORIAL BOARD:

R. Adams

F. Allen

M. Baker

G. Barone-Adesi

T. G. Bali

M. Becht

B. Biais

G. M. Bodnar

A. Buraschi

P. Collin-Dufresne

I. Cooper

M. Cremers

D. Cumming

A. Dasgupta

F. Dong

B. E. Eckbo

A. Edmans

V. Errunza

D. Ferreira

M. A. Ferreira

T. Foucault

M. Giannetti

M. Goergen

A. Golubov

C. R. Harvey

D. Hirshleifer

S. Kaplan

B. Liang

R. Michaely

L. Pelizzon

L. Phalippou

P. R. Rau

L. Renneboog

J. R. Ritter

S. Rossi

G. Rouwenhorst

A. Saunders

H. Servaes

R. Stulz

A. Subrahmanyam

C. Veld

R. Wermers

L. Zhang ISSN 1354-7798

EUROPEAN FINANCIAL MANAGEMENT

Volume 27 , Number 5 , NOVEMBER 2021

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