This paper examines the relation between accounting choice and U.S. institutional investor ownership in non-U.S. firms. We predict that U.S. investors exhibit home bias in their preference for accounting methods conforming to U.S. Generally Accepted Accounting Principles (GAAP) because such...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Recent work suggests that institutional investors execute profitable trades based on private information about earnings and returns. We provide new evidence on the prevalence and sources of such informed trading by (1) testing for the creation "and" liquidation of positions based on...

Motivated by the debate about globally uniform accounting standards, this study investigates whether firms using U.S. generally accepted accounting principles (GAAP) vis-à-vis international accounting standards (IAS) exhibit differences in several proxies for information asymmetry. It exploits...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper examines the economic consequences of mandatory International Financial Reporting Standards (IFRS) reporting around the world. We analyze the effects on market liquidity, cost of capital, and Tobin's "q" in 26 countries using a large sample of firms that are mandated to adopt...

Lang, Lins, and Miller [2002] investigate the relation between cross-listing in the United States and information intermediation by analysts. The results suggest that cross-listing in the United States increases analyst following and forecast accuracy and that both variables are associated with...