Local governors who hold office for longer periods are thought to be more likely to collude with various groups to increase their own benefit through long-term interaction. There is no term limit for local governors in Japan, seemingly causing such collusive behavior. However, since 1987, local...

In today's uncertain financial climate it is particularly important for entities to explain their financial performance relative to their expectations. Therefore, the paper analyzes the quality and quantity of management reporting in Germany's publicly traded MDAX and SDAX companies using a...

This paper discusses empirical evidence on the economic consequences of mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) and provides suggestions on how future research can add to our understanding of these effects. Based on the explicitly...

We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...

The paper analyses the timing of disclosing financial statements for small and medium enterprises (SME) in Germany in 2007 and 2008. Comparisons of different regional areas and different company sizes are made and possible explanations for the results discussed. -- Rechnungslegungspolitik ;...

In this paper, I estimate the effect of mandatory greenhouse gas (GHG) emissions disclosure on corporate value. Using the introduction of mandatory GHG emissions reporting for firms listed on the Main Market of the London Stock Exchange as a source of exogenous variation, I find that firms most...

The collapse of the credit markets revealed that information critical to assessing the quality of many mortgage backed securities was unavailable. When subprime losses began to mount in 2007 and 2008, analysts were unable to obtain information necessary to assess the performance characteristics...

This paper explores the relationship between disclosure in securities markets and the firm's need for confidentiality. Transparency plays a crucial role for both investor protection and the proper functioning of the stock market. Confidentiality protects the value of information which has been...

This paper examines insider trading around first-time debt covenant violation disclosures in SEC filings, and is interesting from a research and regulatory standpoint for three reasons – delay and infrequency of a first-time disclosure, lack of attention to covenant disclosures by regulators,...

This paper uses a Pragmatic theory of language (drawn from philosophy and linguistics) to diagnose the causes of excessive and inefficient financial disclosure and propose a regulatory solution. The diagnosis is that existing regulations are effective at encouraging firms to adhere to some, but...