This paper presents a comprehensive analysis of reorganization provisions available to financially distressed firms in three major economies – the U.S. the U.K., and Japan. The paper addresses a central question of the relative effectiveness of the various bankruptcy laws in resolving...

The properties of earnings have changed dramatically over the past 40 years. Prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards. I find that each new cohort of listed firms...