By the end of the 20th century, the competitive structure of the public accounting industry evolved into a tight oligopoly. We predict a reversal of this trend, because new issuers of public equity, who steadily replace legacy companies in the set of public companies, display less verifiable...

Purpose: The purpose of this study is to examine whether chief executive officers’ (CEOs’) stock-based compensation has any relationship with disclosure of high proprietary information. Design/methodology/approach: Drawing on agency and proprietary cost theory, this study examines whether...