After the financial crisis, there has been considerable debate about the role of corporations in society. It has become broadly accepted that corporations - particularly the world's largest publicly traded corporations – need to be governed with respect for the society and the environment....

Since the 1970s, the relationship between productive property, and the state and individual has been contested in Marxist-Leninist nations. Though China has moved to permit robust private activity, and the private aggregations of capital in corporate form, Cuba has strictly adhered to...

The association of a country's investor protection regime with the quality of reported earnings is examined for a large sample of firms from 42 countries. Three attributes of earnings are evaluated: the magnitude of the association of a country's investor protection regime with the quality of...

This paper examines the economic consequences of mandatory IFRS reporting around the world. We analyze the effects on market liquidity, cost of capital and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity...

This paper examines the economic consequences of mandatory IFRS reporting around the world. We analyze the effects on market liquidity, cost of capital and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity...

We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' corporate real activities and organizational structures. We exploit the threshold-based application of this 2016 disclosure rule to conduct...

Historically, every country had its own accounting standards, each merging to some extent with its local corporate, labor, and tax laws. No matter how undesirable, it was natural to expect differences among nations. Globalization made these differences so impractical that from corporate leaders...

We regard accounting regulation as a politico-economic institution and analyze its evolution in the presence of changing investor sentiment. When the market sentiment is moderate, if most of the business projects in the economy are successful, the economy will enter a stable high-disclosure...

This study investigates whether and how the deviation of cash flow rights (ownership) from voting rights (control), or simply the ownership-control wedge, influences the likelihood that extreme negative outliers occur in stock return distributions, which we refer to as stock price crash risk. We...

We empirically examine the effect of IFRS adoption on the information quality of financial reporting in low investor protection countries. We examine the capital markets of France, Switzerland and Sweden, three Western European civil law countries, which are regarded as low investor protection,...