Narrow search
Showing 1 - 10 of 81
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
Levine, Ross; Lin, Chen; Xie, Wensi - National Bureau of Economic Research (NBER) - 2015
Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...
Persistent link: https://www.econbiz.de/10011123636
Cover Image
Evasive Shareholder Meetings
Yermack, David; Li, Yuanzhi - National Bureau of Economic Research (NBER) - 2014
We study the location and timing of annual shareholder meetings. When companies move their annual meetings a great distance from headquarters, they tend to announce disappointing earnings results and experience pronounced stock market underperformance in the months after the meeting. Companies...
Persistent link: https://www.econbiz.de/10010821769
Cover Image
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
Cover Image
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
Cover Image
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