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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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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 … strictness of implementation and enforcement as well as in prior regulation to analyze the role of these factors for regulatory …
Persistent link: https://www.econbiz.de/10008804681
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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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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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The Law and Economics of Self-Dealing
Djankov, Simeon; La Porta, Rafael; Lopez-de-Silanes, … - National Bureau of Economic Research (NBER) - 2005
We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private...
Persistent link: https://www.econbiz.de/10005085166
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Shareholder Democracy in Canada
Morck, Randall - National Bureau of Economic Research (NBER) - 2010
traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US … federal securities regulation models are weighted in light of the current state of their needed complementary institutions …
Persistent link: https://www.econbiz.de/10008727855
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The dark side of outside directors: Do they quit when they are most needed?
Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010
Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when … incentives the dark side of outside directors. We find strong support for the existence of this dark side. Following surprise …
Persistent link: https://www.econbiz.de/10008631680
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Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
Aggarwal, Reena; Erel, Isil; Stulz, René; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2007
Using an index which increases as a firm adopts more governance attributes, we find that 12.7% of foreign firms have a higher index than matching U.S. firms. The best predictor for whether a foreign firm adopts more governance attributes than a comparable U.S. firm is whether the firm comes from...
Persistent link: https://www.econbiz.de/10005720617
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Lucky CEOs
Bebchuk, Lucian; Grinstein, Yaniv; Peyer, Urs C. - National Bureau of Economic Research (NBER) - 2006
We study the relation between corporate governance and opportunistic timing of CEO option grants via backdating or otherwise. Our methodology focuses on how grant date prices rank within the price distribution of the grant month. During 1996-2005, about 12% of firms provided one or more lucky...
Persistent link: https://www.econbiz.de/10005720780