We provide a comprehensive overview of shareholder litigation against auditors since the passage of the PSLRA. The number of lawsuits per year has declined, dismissals have increased, and settlements in recent years have declined. Our study asks why. Because we find that the likelihood an...

We recently conducted a comprehensive survey that analyzes how senior financial executives make decisions related to performance measurement and voluntary disclosure. In particular, we ask CFOs what earnings benchmarks they care about and which factors motivate executives to exercise discretion,...

Several recent papers assume that private information (PIN), proposed by Easley, Hvidkjaer and O'Hara (2002, 2004), is a determinant of stock returns. We replicate Easley, Hvidkjaer and O'Hara (2002) and show that while PIN does predict future returns in the sample they analyze, the effect is...

We study the 2017 UK rule requiring firms that employ more than 250 workers to publicly disclose gender pay gap data. We focus on two questions of interest to regulators and socially conscious investors: (i) does gender pay equity improve after mandatory disclosure? and (ii) is gender pay equity...

We obtain survey responses from 168 North American CFOs and interview 16 of them to understand (i) how foreign currency exposure is measured and reported inside and outside the firm; (ii) how goal setting, performance evaluation and compensation of managers reflect exchange rate impacts, (iii)...

We investigate the effectiveness of regulatory oversight exercised by the SEC against auditors over the years 1996-2009. The evidence suggests that the SEC is significantly less likely to name a Big N auditor as a defendant, after controlling for both the severity of the violation and for the...