Leon Zolotoy

Behavioural Agency and Firm Productivity: Revisiting the Incentive Alignment Qualities of Stock Options

Leon Zolotoy, Don O'Sullivan, Geoffrey P Martin

Journal article  |  2022  |  JOURNAL OF MANAGEMENT STUDIES

Drawing on behavioural agency theory, we revisit the incentive alignment qualities of stock options. Using behavioural agency’s lo..

The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns

L Zolotoy, Don O’Sullivan, Keke Song

Journal article  |  2021  |  Journal of Business Ethics

Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this ..

Executive Equity Risk-Taking Incentives and Firms' Choice of Debt Structure

Yangyang Chen, Iftekhar Hasan, Walid Saffar, Leon Zolotoy

Journal article  |  2021  |  JOURNAL OF BANKING & FINANCE

We examine how executive equity risk-taking incentives affect firms’ choice of debt structure. Using a longitudinal sample of U.S...

Mood and Ethical Decision Making: Positive Affect and Corporate Philanthropy

L Zolotoy, D O’Sullivan, MG Seo, M Veeraraghavan

Journal article  |  2021  |  Journal of Business Ethics

This study examines the influence of mood (‘affect’) on corporate philanthropic giving. Drawing on group emotions theory and affec..

CEO early-life disaster experience and corporate social performance

Don O'Sullivan, Leon Zolotoy, Qingliang Fan

Journal article  |  2021  |  STRATEGIC MANAGEMENT JOURNAL

Research Summary: Despite an extensive upper echelons literature on how CEOs' prior experiences influence firm behavior, we know l..

CEO early-life disaster experience and stock price crash risk

Yangyang Chen, Qingliang Fan, Xin Yang, Leon Zolotoy

Journal article  |  2021  |  JOURNAL OF CORPORATE FINANCE

We study the impact of CEO early-life disaster experience on stock price crash risk. Using a longitudinal sample of U.S. firms, we..

Stakeholder Agency Relationships: CEO Stock Options and Corporate Tax Avoidance

Leon Zolotoy, Don O'Sullivan, Geoffrey P Martin, Robert M Wiseman

Journal article  |  2021  |  Journal of Management Studies

Infusing stakeholder agency theory with insights from behavioural agency theory, we describe a frame‐dependent relationship betwee..

Global Board Reforms and the Pricing of IPOs

Yangyang Chen, Abhinav Goyal, Leon Zolotoy

Journal article  |  2021  |  JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS

We document that global board reforms are associated with a significant reduction in the underpricing of initial public offerings ..

Terrorist attacks, investor sentiment, and the pricing of initial public offerings

Yangyang Chen, Abhinav Goyal, Madhu Veeraraghavan, Leon Zolotoy

Journal article  |  2020  |  Journal of Corporate Finance

Using terrorist attacks as exogenous shocks to investor sentiment, we study the impact of investor sentiment on initial public off..

Media Coverage and IPO Pricing Around the World

Yangyang Chen, Abhinav Goyal, Madhu Veeraraghavan, Leon Zolotoy

Journal article  |  2020  |  Journal of Financial and Quantitative Analysis

We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads to lower I..