This study examines how PCAOB international inspections of non-U.S. auditors affect international Merger and Acquisition (M&A) outcomes. We find that clients of inspected auditors are more likely to become acquisition targets after the public disclosure of auditor's inspection report. We also...

We examine the impact of shared auditors, defined as audit firms that provide audit services to a target and its acquirer firm prior to an acquisition, on transaction outcomes. We find shared auditors are observed in nearly a quarter of all public acquisitions and targets are more likely to...

This study examines whether acquirers make better acquisition decisions when target firms' financial statements exhibit greater comparability with industry peer firms. We predict and find that acquirers make more profitable acquisition decisions when target firms' financial statements are more...

This study aims to develop a real business life case on the two-step leveraged buyout transaction. Also, it is to share the case with the audience that might be globally related since the financial system has been global. And, consequently the language of financial reporting has been becoming...

Exploiting the staggered adoption of country-level takeover laws that increased takeover threats, this paper examines whether the resulting increase in CEOs' job security concerns leads to greater earnings management. Using a difference-in-difference design, I find that the enactment of laws...

We find that the threat of takeover has a negative relation with default risk. The result is robust to alternative estimation methods, different measures of default, exclusion of the financial crisis period and over a number of sub-periods. We identify improvement in performance and earnings...

We test whether geographical location, audit quality and equity offering play a role in the earnings quality of Reverse Merger (RM) firms. We provide evidence that, contrary to the popular focus by the business press, earnings management happens in both U.S. and international RM companies. We...

We examine the corporate governance roles of information quality and the takeover market with asymmetric information regarding the value of the target firm. Increasing information quality improves the takeover efficiency, however, a highly efficient takeover market also discourages the manager...

Using a sample of 129 mergers and acquisitions (M&As) in the U.S. between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the...