In this paper, we examine whether mandatory adoption of IFRS reduces firm opacity and contributes to stock price informativeness. Using data from EU countries, we document a V-shaped pattern in stock return synchronicity around IFRS adoption which is consistent with IFRS disclosures revealing...

Due to the increased competition on capital markets and given the global importance of US markets, IFRS and US GAAP are competing to become the world standards set. Although comparable in many aspects, IFRS and US GAAP still differ in accounting for some transactions. This paper addresses the...

With the successful completion of the IASC's standards, IFRS and US GAAP were placed as the two pre-eminent world financial reporting frameworks. For years, however, US GAAP was accepted widely as the international set of standards to ensure high quality financial statements. Especially in the...

We investigate the pricing of private versus public placement bonds in the primary market and test the effect of covenants on yield spreads. The yield spread premium of 116 basis points is partially explained by credit risk but equally important, by covenants. We provide evidence of a U-shape...

Environmental, social, and governance (“ESG”) scores have been widely touted as indicators of share price resilience during the COVID-19 humanitarian crisis. We undertake extensive analyses to investigate this claim and present robust evidence that, once the firm's industry affiliation and...

We explore the factors associated with IPO failures by developing an IPO failure prediction model that includes accounting information as well as proxies for the role of information intermediaries and other IPO deal-related characteristics. We document statistically significant differences in...

This study examines how the price-earnings relation varies with the uncertainty about and the quality of a firm's investments. We develop a real option valuation framework to capture optimal investment and abandonment options in a research-intensive emerging technology, the biotechnology...

Institutional investors’ exposure to private market funds exceeds 12 trillion US dollars. Despite this and contrary to public markets, little is known about the extent and determinants of ESG transparency in private markets. Using a novel dataset, we investigate ESG disclosures in the...

We use the Russian invasion of Ukraine as a revelation of the usefulness of ESG ratings to assess corporate socially responsible behaviors abroad. Using data on Stoxx 600 firms’ Russian exposure, pre-invasion Russia-related disclosures, and ESG scores, our findings are threefold. First, we...