Accounting standard-setters have proposed that the right to use assets (including land and buildings) acquired under operating lease contracts should be recognized on the balance sheet of lessee companies. In recent years, several empirical research studies have investigated the potential impact...

We find evidence of income-increasing earnings management in Malaysian IPOs, which occurs primarily for IPOs during a period of severe economic stress (the East Asian crisis). Within the high-ownership-concentration Malaysian market, post-IPO control concerns also appear to constrain IPO...

The literature on wealth effects associated with the announcements of convertible-bond and warrant-bond offerings is reviewed. The findings of 35 event studies, which include 84 sub-samples and 6310 announcements, are analysed using meta-analysis. We find a mean cumulative abnormal return of -...

Although there have been many prior studies of the determinants of capital structure, most have investigated listed companies in countries with well-developed markets and institutions. The main objective of the present study is to extend prior research by investigating both listed and unlisted...

Auditing has an important role in the corporate governance process and is essential in ensuring confidence in the reliability of financial information. It is important to understand the reasons why, given the costs involved, companies change their auditor and choose a particular level of audit...

This thesis investigates the determinants of the use of debt and leasing in the UK using a comprehensive measure of debt and leases, in recognition of the link between lease and debt-type financing decisions, based on financial contracting theory and the tax advantage hypothesis. The design of...

While concentration measures are a good indicator of market structure, the link with competitiveness is more complex than often assumed. In particular, the modern theory of industrial organisation makes no clear statement regarding the impact of concentration on competition - the focus of this...

This paper investigates the long run share price performance of 454 Malaysian IPOs during the period 1990 to 2000. In contrast with developed markets, significant "over"performance is found for equally-weighted event time CARs and buy-and-hold returns using two market benchmarks, though not for...