The Financial Accounting Standards Board and the United States Congress enacted new legislation and regulations in 2002 requiring corporations to recognize stock option grants as an expense (voluntarily) on their financial statements. In 2004 option, expensing became mandatory. This paper...

This study examines whether application of IFRS by non-US firms results in accounting amounts comparable to those resulting from application of US GAAP by US firms. IFRS firms have greater accounting system and value relevance comparability with US firms when IFRS firms apply IFRS than when they...

We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over the directors'...

The popular and academic literatures report that women, Blacks, Hispanics, and Native Americans are under-represented on US corporate boards of directors, relative to their incidence in the US labor force. We confirm this observation by tabulating the presence of female and under-represented...

In this study, we examine whether CEOs' stock-based compensation has any relationship with the disclosure of highly proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance their voluntary disclosures in general, we argue...

Critics of U.S. executive pay practices have raised four major concerns: (1) executive pay is too high; (2) CEO contracts do not provide strong enough incentives to increase value (i.e., there is too little pay-for-performance); (3) options and other equity-based pay provide windfalls, large...

As a direct response to the recent trend in corporate expatriations, politicians have questioned the patriotism of firms that reorganize outside the U.S. and introduced numerous legislative proposals designed to prevent corporate expatriations. The implicit assumption made in proposing this...

The primary purpose of a data standard is to improve the comparability of data created by multiple standard users. Given the high cost of developing and implementing data standards, it is desirable to be able to assess the quality of data standards. We develop metrics for measuring completeness...

We use incremental and joint implementation of multiple SOX-based control effectiveness disclosure and audit mandates to assess relative performance of alternatives for small U.S. public companies. Using data from several low and high effort management disclosure and audit regimes implemented...

This study presents empirical evidence concerning the effect of different accounting standard on earnings management. Prior studies have shown that accounting standards influence earnings management. Tighter accounting standards regime restricts management's descretion to manipulate accruals,...