We present evidence consistent with managers using opportunistic Special Purpose Entities (SPE) and discretionary accruals as substitutes to manage reported earnings. Using a sample of industrial US listed firms for the period 2000-2004; we estimate a set of simultaneous equations that captures...

This paper examines whether research and development (R&D) intensity affects the firm’s financing decisions. We use a sample of European firms in the period 2002-2011. We argue that R&D asset has three fundamentals characteristics that make it different from ordinary investment and constrain...

Recent corporate financial scandals show that managers, capital market intermediaries and financial statement users are unable to assess correctly the information disclosed by firms related to unconsolidated special purpose entities and securitisation transactions. In this paper, we present...

Recent corporate financial scandals show that managers, financial intermediaries and financial statement users are unable to assess correctly the information disclosed in firms' annual reports. In this paper, we present empirical evidence consistent with the use of securitisation gains by...

We investigate the disparity and the determinants of investor protection around the world and their impact on financial market development. More specifically, we build on Williamson's (2000) new institutional economic model to explain this disparity using legal, political and cultural variables....

Cette étude vérifie l'effet de la gouvernance d'entreprise sur la pertinence des bénéfices. La gouvernance est synthétisée en six axes. Leur introduction dans l'association bénéfices-rendements d'un échantillon américain montre un effet significatif de la gouvernance sur la pertinence.

Purpose – This paper aims to understand the current governance practices and governance structure of Islamic banks (IBs) in Gulf Cooperation Council (GCC) and Southeast Asia countries with the purpose of providing relevant information in guiding the future development of the governance system...