Using a comprehensive sample of cross-country mergers and acquisitions for the period 2000 to 2014 we examine the effect of common auditors on the efficiency of cross-country M&A transactions. We predict that the use of common auditors reduces uncertainty, resulting in higher M&A efficiency. We...

In this paper, we first develop a model in which national legal environments play a crucial role in determining auditor effort and audit fees. Our model predicts that: (1) audit fees increase monotonically with the strength or strictness of a country’s legal liability regime; (2) given a legal...

The book addresses the mechanisms of culture in the digital age. Its author, professor at Higher School of Economics, tackles a number of highly relevant issues: the modus operandi of culture in a market environment, the role of money in the process and some methods intended to help consumers in...

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and...

Companies that go public on global stock markets are not obliged to disclose earnings forecasts in their prospectuses. We use this fact to examine the shipping sector, where most firms issue earnings forecasts during the IPO process, and provide unique, international-level evidence. We find...

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation (including IFRS adoption), drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with: (i)...

Naively testing for accruals mispricing in 26 equity markets – one market at a time – we find statistical evidence of anomalous returns in some countries. However, some of these findings might well be spurious because of data snooping biases that arise when simultaneously testing several...

We study how commodity financialization affects information transmission in a commodity futures market. The trading of financial traders injects both information and noise into the futures price. In consequence, price informativeness in the futures market first increases and then decreases with...