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This paper investigates politically connected firms in Germany. With the introduction of a new transparency law in 2007, information on additional income sources for all members of the German parliament became publicly available. We find that members of the conservative party (CDU/CSU) and the...
Persistent link: https://www.econbiz.de/10010957230
In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. We measure the difference in the bidder and target corporate governance (in terms of shareholder, minority shareholder, and creditor orientation)...
Persistent link: https://www.econbiz.de/10012766625
This article argues that mandatory securities disclosure regulation has unanticipated and ill-considered consequences. Disclosure regulation makes some forms of behavior more expensive relative to others. Rational actors will respond by shifting some conduct into comparatively cheaper outlets....
Persistent link: https://www.econbiz.de/10012778383
This paper surveys the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation. We integrate theoretical and empirical studies from accounting, economics, finance and law in order to contribute to the cross-fertilization of these fields....
Persistent link: https://www.econbiz.de/10012725094
We document that firms' management of accounting earnings increased steadily from 1987 until the passage of the Sarbanes Oxley Act (SOX), with a significant increase during the period prior to SOX, followed by a significant decline after passage of SOX. However, the increase in earnings...
Persistent link: https://www.econbiz.de/10012727587
In countries with a weak legal system and a high level of corruption it has been shown that political connections are valuable to a corporation. This paper explores whether political connections are also important in the U.S., which has well-developed financial markets as well as a strong legal...
Persistent link: https://www.econbiz.de/10012709817
In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the national corporate governance regulations over the past 15...
Persistent link: https://www.econbiz.de/10011092858
The current crisis with its on-going banking sector problems has brought to the fore various cases of financial fraud and banking scandals that have additionally undermined the already low confidence in the sector. This has raised concerns about structural flaws in the way banks operate and are...
Persistent link: https://www.econbiz.de/10010633422
Treasury trade organizations report a sharp increase in demand of corporations wanting to manage their credit bank relationships. In doing so, these companies seek to understand the risk adjusted capital that credit banks must reserve against their fee based and credit based business, and the...
Persistent link: https://www.econbiz.de/10012773646
We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where...
Persistent link: https://www.econbiz.de/10012746468