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The Twilight Zone: OTC Regulatory Regimes and Market Quality
Leuz, Christian; Brüggemann, Ulf; Kaul, Aditya; … - National Bureau of Economic Research (NBER) - 2013
liquidity, price efficiency and crash risk, all of which capture aspects of market quality, differ across OTC venues and firms …
Persistent link: https://www.econbiz.de/10010969441
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Did Fair-Value Accounting Contribute to the Financial Crisis?
Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009
The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...
Persistent link: https://www.econbiz.de/10008634632
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Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments
Greenstone, Michael; Oyer, Paul; Vissing-Jorgensen, Annette - National Bureau of Economic Research (NBER) - 2005
The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are...
Persistent link: https://www.econbiz.de/10005829550
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Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement
Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011
This paper examines capital market effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were required to adopt these two directives, but did so at...
Persistent link: https://www.econbiz.de/10008804681
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The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession
Leuz, Christian; Bloomfield, Matthew J.; Brüggemann, Ulf; … - National Bureau of Economic Research (NBER) - 2015
The paper examines the effect of international regulatory harmonization on cross-border labor migration. We analyze directives in the European Union (EU) that harmonized accounting and auditing standards. This regulatory harmonization should make it less costly for those who work in the...
Persistent link: https://www.econbiz.de/10011133512
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Powerful Independent Directors
Morck, Randall; Fogel, Kathy; Ma, Liping - National Bureau of Economic Research (NBER) - 2014
Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...
Persistent link: https://www.econbiz.de/10010951070
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Competition in the Audit Market: Policy Implications
Syverson, Chad; Gerakos, Joseph J. - National Bureau of Economic Research (NBER) - 2013
The audit market's unique combination of features-its role in capital market transparency, mandated demand, and concentrated supply-means it receives considerable attention from policymakers. We explore the effects of two market scenarios that have been the focus of policy discussions: a)...
Persistent link: https://www.econbiz.de/10010951156
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Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market
Piskorski, Tomasz; Seru, Amit; Witkin, James - National Bureau of Economic Research (NBER) - 2013
% higher when compared with otherwise similar loans. Lenders seem to be partly aware of this risk, charging a higher interest … not fully reflect their higher default risk. Using measures of pricing used in the literature, we find no evidence that … unrelated to measures of incentives for top management, to quality of risk management inside these firms or to regulatory …
Persistent link: https://www.econbiz.de/10010951222
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Contractual Freedom and the Evolution of Corporate Control in Britain, 1862 to 1929
Guinnane, Timothy; Harris, Ron; Lamoreaux, Naomi R. - National Bureau of Economic Research (NBER) - 2014
British general incorporation law granted companies an extraordinary degree of contractual freedom to craft their own governance rules. In this paper we study the uses to which this flexibility was put by examining the articles of association written by three samples of companies from the late...
Persistent link: https://www.econbiz.de/10010951315
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Family Firms
Burkart, Mike; Shleifer, Andrei - National Bureau of Economic Research (NBER) - 2002
We present a model of succession in a firm controlled and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock exchange. We assume that a professional is a better...
Persistent link: https://www.econbiz.de/10005084465