This paper proposes a framework to facilitate description of national financial accounting systems. Its first element, broad aims, identifies the fundamental purpose of national financial accounting systems as being to effect a macro‐user or micro‐user orientation. From this emerges the...

A number of US firms voluntarily de‐listed their stock from the Tokyo Stock Exchange (TSE) during the years 1977–97. We examine changes in trading volume, return volatility and implicit bid‐ask spreads in the U.S. stock exchange surrounding the de‐listing, and find evidence of an...