Concerns have been raised in the academic and practitioner literatures of accounting that, in general, standard-setters have increasingly neglected stewardship and reliability in pursuit of value-relevance; and then, in particular, that current accounting for the vast sums now expended on...

In this paper we present a general equilibrium model to analyze competition between multiple venues (dealers), endogenous market segmentation, transaction speeds and fees, trading volume, optimal regulator's choice for taxing traders, and welfare in illiquid asset markets. Differences in trading...

We explore whether the global financial crisis has had heterogeneous effects on traded goods differentiated by quality. Combining a dataset of Argentinean firm-level destination-specific wine exports with quality ratings, we show that higher quality exports grew faster before the crisis, but...