We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the socialwelfare loss that results from the regime's inability to...

This paper is concerned with the challenges involved in the transformation of the prison into a performance-oriented accounting entity. It examines the implication of private sector accounting and consulting expertise in redefining prison values and prison performance, and it discusses the...

What enables some employee ownership firms to overcome the free rider problem and motivate employees to improve performance? This study analyzes the role of human resource policies in the performance of employee ownership companies, using employee survey data from 14 companies and a national...

This paper discusses Foucault's analyses of the rise of the entrepreneur in the second half of the 20th century. Whereas Foucault based his conclusions on readings of economic theory, we propose here to look at "practical texts," i.e. entrepreneurship guidebooks, in the way Foucault himself did...

We argue on theoretical grounds that obligatory compliance with stricter financial reporting rules (e.g. the US Sabanes-Oxley Act) may entail important unintended consequences. Paradoxically, the amount of misreporting may increase because corporate boards spend more valuable resources...

In this paper, we explain how the latest international handbook on environmental accounting, the System of Integrated Environmental and Economic Accounting or SEEA (United Nations et al., 2003), can be used to measure weak and strong sustainability. We emphasise the importance of understanding...

This report which was published by CARR and the University of Plymouth, explores the issue of how financial institutions are increasingly investing in programmes to understand and manage their risk cultures. Despite near universal agreement that the organisational risk culture of banks and other...

Within the past thirty years or so, the government of social and economic life has occurred increasingly through international and non-governmental forms of rule and regulation. Yet little is known about the dynamics that international audit standardization projects create below the global level...