The research objective of this paper is to investigate when the adoption of International Financial Reporting Standards (IFRS) is beneficial to capital market participants. In particular, I specify the conditions in which firms' managers and investors prefer IFRS to domestic accounting...

This paper investigates the information content of deferred taxes in the Japanese debt market. We find that net deferred tax assets are negatively associated with cost of debt. Moreover, we find that deferred tax liabilities are positively associated with cost of debt but deferred tax assets are...

The objective of our paper is to provide the reason why the headquarters voluntarily transfer its bargaining power to the business unit by stylizing an incomplete contract model. Our model shows that the equilibrium bargaining power selected by the headquarters is negatively correlated with the...