Accounting

Addressing the Auditor Independence Puzzle: Regulatory Models and Proposal for Reform

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust...

Corporate Fraud, Governance and Auditing

Corporate Scandals and Regulation

Are regulatory interventions delayed reactions to market failures or can regulators proactively pre-empt corporate misbehavior? From a public...

Dividend Payouts and Information Shocks

We examine changes in firms? dividend payouts following an exogenous shock to the information asymmetry problem between managers and investors....

Lord Eldon Redux: Information Asymmetry, Accountability and Fiduciary Loyalty

This article investigates the development of accountability and fiduciary loyalty as an institutional response to information asymmetries in agency...

Bribes and Audit Fees

We exploit the UK Bribery Act 2010 to test whether the pricing of audit services changes with the risk of the client-firm engaging in bribery. Adopting a...

Mandatory IFRS Reporting and Changes in Enforcement

In recent years, reporting under International Financial Reporting Standards (IFRS) became mandatory in many countries. The capital-market effects...

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and...

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and...

Auditors' Multi-Layered Liability Regime

Standard Setting for Accountants and the Role of the Public Interest Oversight Board

Standard setting for accountants and auditors takes places in international bodies, organised within the framework of the International Federation...

Disentangling the Link Between Stock and Accounting Performance in Acquisitions

We study the accounting and stock performance of 4,547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four...