The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters’ push to extend FVA into other areas. In this article, we highlight four important issues as an...

This paper reviews recent advances from the institutional economics and accounting literatures to help build a nascent framework for ‘new institutional accounting' (NIA) research. The framework has five basic elements: (i) institutional structure (formal versus informal); (ii) level of...

This paper identifies, and then examines, whether institutional structures can be used to explain the occurrence of accounts manipulation. Specifically, it investigates whether legal origin, level of corruption, the extent of press freedom, State's ownership of enterprises, and the State's...

In this paper, we examine how the mandatory adoption of International Financial Reporting Standards (IFRS) affects ownership structure and debt covenants in the syndicated loan market. We hypothesize and document that the proportion of the loan retained by syndicate lead arrangers increases...