We use the release by the Public Company Accounting Oversight Board on May 18, 2010 showing its oversight of certain foreign auditors has been denied as a natural experiment to examine investors’ early valuation of the PCAOB’s international audit oversight on U.S. listed foreign companies....

This paper investigates the common, yet previously opaque, practice of using foreign audit firms (component auditors) to conduct portions of audit work for U.S. public companies. U.S. regulators have expressed concern for the transparency and quality of audits using component auditors. Employing...

Auditor-client negotiations are a common and critical part of the financial reporting process, yet we know little about contextual factors that influence negotiation judgments from the manager's perspective. Managers have incentives to act aggressively since outcomes often materially impact...

This study aims to enhance our understanding of multiple listings by addressing the where question related to foreign listings. It examines factors that influence firms' choices of foreign stock excanges. Based on a sample of 459 internationally traded MNCs, with at least one foreign listing on...

We study the headquarters location of U.S. firms with an initial public offering (IPO) over the period 2001-2011. Specifically, we examine IPO intensity, defined as IPOs in a state scaled by state population. We find that IPO intensity is positively related to various measures of education. We...

This paper applies the theory of structured finance to the regulation of asset backed securities. We find the current regulation in Europe (Article 405 of the CRR) and the US (Section D of Dodd-Frank Act) to be severely flawed with respect to its key intention: the imposition of a strict loss...