We examine whether the codification has achieved some of its goals. We find that the codification is associated with a reduction in the incidence of restatements arising from inadvertent noncompliance, and timelier 10-K filings. These benefits are concentrated in small firms audited by a non-Big...

Past research shows that the outcomes of acquisitions of private firms are better than those of public firms. This finding is commonly explained by the price discount due to illiquidity and the higher information risk involved in acquiring private firms. Existing studies do not separate the two...

The authors examine the aggregate and distributional effects of the Tax Reform Act of 1986 on equity values of publicly traded corporations. The results show that the effect of the act on the aggregate equity value of corporations was consistent with the present value of the projected added tax...