It is usually thought that a coalition leader in a legislature will construct coalitions of legislators who are ‘close’ to each other in the policy space. However, if there is some ‘status quo’ or other reversion point that will hold if the coalition leader fails to construct a winning...

Efficient incentive-compatible schemes for resolving hidden action and hidden information problems have been shown to exist, thereby offering the hope that public goods can be provided in a neutral, non-political way. We argue that this hope is illusory. Such schemes inevitably generate a...

Individuals attempting to supply themselves with public goods face well-known free-rider problems. Since at least Hobbes, social scientists have claimed that an `external agent' is necessary to check these problems and thus sustain efficient outcomes in political economies. Contributors to the...

International financial markets are rapidly becoming a single global market. For these markets, most large institutional users are not satisfied with the existing levels of disclosures by multinational firms. One purpose of this research study was to investigate existing footnote disclosure...

This study empirically examined how prevalent earnings management practices are among Korean firms during the period 1994 and 1997. Specifically, this study focuses on the use of controllable non‐operating items as tools of earnings management when they face unwanted operating performances...

This paper investigates the functional relationships between stock returns and two representative performance measures. The two measures are earnings and cash from operations. In addition, this paper assesses the association of stock returns with the decomposed components of earnings. Our study...