There is relatively little prior evidence on the potential impact of rank and file employees on financial reporting choices outside union negotiations. We contribute to the literature by providing new evidence that firms appear to manage long-run earnings upward in order to manage employee...

By the end of the 20th century, the competitive structure of the public accounting industry evolved into a tight oligopoly. We predict a reversal of this trend, because new issuers of public equity, who steadily replace legacy companies in the set of public companies, display less verifiable...