In response to recent corporate scandals, Congress passed the Sarbanes-Oxley Act of 2002 (SOX) which, among other things, requires that the auditor render an opinion as to the effectiveness of a company's system of internal controls. The assumption implicit in this requirement is that the new...

There has been considerable discussion about the U.S. reporting standards becoming less rules based, similar to International Financial Reporting Standards (IFRS). One proposed advantage of a change to IFRS is increased comparability across multinational and non-U.S. companies. Additionally,...

Among the new disclosures required by "EITF 94-3" is the requirement that firms disclose the nature and amounts of the material components of a restructuring charge. The objective of this paper is to assess whether these components provide information to financial statement users beyond that...

We examine whether Regulation Fair Disclosure (Reg FD) was effective in limiting the expectations management of US firms as well as ADR and foreign-listed firms to meet or beat analysts' earnings forecasts. Domestic US firms are required to comply with Reg FD; however, ADR firms are explicitly...