One of the most powerful mechanisms by which governments and corporations can raise capital is by offering securities to the public without an underwriter through a direct public offering (DPO). Although governments at all levels have conducted DPOs, corporations generally have not adopted the...

We argue that when bankruptcy code is creditor-friendly, excessive liquidationscause levered firms to shun innovation, whereas by promoting continuation upon failure,a debtor-friendly code induces greater innovation. We provide empirical support for thisclaim by employing patents as a proxy for...

In this essay, I argue that the preeminence of Silicon Valley as an incubator of technology companies is attributable to equity compensation. Ronald Gilson, relying on the work of AnnaLee Saxenian and others who have noted the tendency of Silicon Valley employees to job hop, has suggested that...

We argue that when bankruptcy code is creditor-friendly, excessive liquidations cause levered firms to shun innovation, whereas by promoting continuation upon failure, a debtor-friendly code induces greater innovation. We provide empirical support for this claim by employing patents as a proxy...

This paper presents an overview of the current state of auditing in Russia. International Standards on Auditing (ISA) are in the process of being adopted and implemented but this task is far from complete. Furthermore, there is resistance to ISA adoption and there is less than a widespread...

Outsourcing has been criticized as a practice that destroys jobs and praised as a way to cut costs and remain competitive. The accounting profession has utilized outsourcing to avail itself of expertise that is not available within the firm and to cut the cost of offering a variety of accounting...

Productivity dispersion across firms is large and persistent, and worker reallocation among firms is an important source of productivity growth. The purpose of the paper is to estimate the structure of an equilibrium model of growth through innovation that explains these facts. The model is a...