The initial public offering (IPO) market is characterized by large, periodic swings in new issue volume, commonly referred to as hot and cold markets. We compare IPO assurance fees over these cycles controlling for factors that are potentially associated with hot IPO markets. We find that...

This study examines the association between keiretsu affiliation and corporate equity value in Japan. We hypothesize that, ceteris paribus, keiretsu firm value, measured as Tobin's Q, is higher than non-keiretsu firm value, reflecting the improved or active monitoring role of the keiretsu...

A stock market liberalization is a decision by a country's government to allow foreigners to buy securities in that country's capital market. This study examines how the liberalization of the Korean stock market affected stock price behavior and changed the role accounting information for...

This study examines how the choice between successful efforts and full cost methods of accounting affects the value relevance of earnings for firms in the oil and gas industry. The strength of the relation (R2) between twelve month (annual) security returns and annual earnings levels is compared...

We examine the relevance of governmental accounting information to the citizenry by analyzing the association between various financial and non-financial measures of local government performance and residential property values. The link between government performance measures and residential...

This study examines differences in the characteristics of analysts' forecasts of earnings for keiretsu and non-keiretsu firms in Japan. Japanese industrial organization is characterized by enterprise groupings, keiretsu, composed of firms in different industries, but interrelated through...

This paper examines the effect of Japanese corporate groupings, keiretsu, on the informativeness of earnings. Keiretsu firms maintain close financial and personal ties through cross-shareholding, credit holding, interlocking corporate directorates, and various business transactions. We propose...

Audit quality can potentially affect bank examiners' evaluation of bank condition. We examine the association between Sheshunoff bank ratings, a proxy for regulatory attention, and auditor size, a proxy for audit quality, for a cross-section of 252 banks in 1996. The tests indicate that banks...

We use differences in U.S. GAAP and Japanese-GAAP accounting measures to evaluate the value-relevance of U.S.-GAAP reports. We show data provided in U.S. GAAP financial statements of Japanese firms is value-relevant beyond that contained in domestic-GAAP statements. Our results complement extant...

This paper examines the effect of Japanese corporate groupings, keiretsu, on the informativeness of earnings. Keiretsu firms maintain close financial and personal ties through cross-shareholding, credit holding, interlocking corporate directorates, and various business transactions. We propose...