In recent years, reporting under International Financial Reporting Standards (IFRS) became mandatory in many countries. The capital-market effects around this change have been extensively studied, but their sources are not yet well understood. This study aims to distinguish between several...

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 required to adopt these two directives, but did so at...

This report provides an economic analysis for a widespread adoption of corporate social responsibility (or sustainability) disclosure and reporting standards in the United States. It is based on an extensive review of the academic literature in accounting, economics, finance, and management. We...

In this appendix to Christensen, Hail, and Leuz (2018), “Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards,” Research report (available at SSRN: https://ssrn.com/abstract=3315673), we classify and briefly summarize extant academic literature on corporate...

Are regulatory interventions delayed reactions to market failures or can regulators proactively pre-empt corporate misbehavior? From a public interest view, we would expect “effective” regulation to ex ante mitigate agency conflicts between corporate insiders and outsiders, and prevent...

Are regulatory interventions delayed reactions to market failures or can regulators proactively pre‐empt corporate misbehavior? From a public interest view, we would expect “effective” regulation to ex ante mitigate agency conflicts between corporate insiders and outsiders, and prevent...

In recent years, reporting under International Financial Reporting Standards (IFRS) became mandatory in many countries. The capital-market effects around this change have been extensively studied, but their sources are not yet well understood. This study aims to distinguish between several...

Are regulatory interventions delayed reactions to market failures or can regulators proactively pre-empt corporate misbehavior? From a public interest view, we would expect “effective” regulation to ex ante mitigate agency conflicts between corporate insiders and outsiders, and prevent...

In this appendix, we provide the following for each of the 26 sample countries in Hail, Tahoun, and Wang (2018), Corporate Scandals and Regulation, Journal of Accounting Research 56(2): 617–671: a brief overview of the country's historical background and the major developments affecting the...

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting standards in the United States. The study focuses on the...