In the mid-2000s, the European Union (EU) adopted a number of regulatory reforms intended to increase transparency and disclosure for IPO firms, including mandating the use of International Financial Reporting Standards (IFRS). The reforms also included (1) adoption of the Prospectus Directive...

In this paper we study the relationship between costs, input prices and activity levels in medium sized American police departments. Our focus is on determining the functional structure of law enforcement production technology in agencies of this size

This paper examines whether firms benefit, in debt contracting, from committing to incorporate future GAAP changes (referred to as rolling GAAP) or not to incorporate any future changes (referred to as frozen GAAP). We show that informative future accounting changes do not necessarily improve...

Privatization of services that were formerly provided by governmental agencies has been an important issue for both local and national governments. The purpose of this paper is to examine the issue of privatization in the context of the provision of a public good such as street cleaning and...

We examine the issue of privatization of those public goods that can be provided in-house or contracted out. Such privatization appears straightforward, yet history shows otherwise. For example, the private contracting system for street cleaning in 19th-century New York City was a failure,...