We examine whether the December 2007 PCAOB disciplinary order against Deloitte affected Deloitte's switching risk, audit fees, and audit quality relative to the other Big 4 firms over a three-year period following the censure. Our findings suggest that the PCAOB censure was associated with a...

This paper examines whether the investment horizon of a firm's institutional shareholders affects the extent of tax aggressiveness as proxied by a firm's five-year cash effective tax rate and yearly permanent book-tax differences. Using a sample of firms with institutional ownership data from...

This paper examines shareholder wealth effects in U.S. and home-country markets relating to the SEC's decision to eliminate the Form 20-F reconciliation. During the period of examined events, we find positive cumulative abnormal returns for the treatment sample of U.S. cross-listed firms that...

This study investigates whether differences in accounting standards across countries create information costs that inhibit firms from investing in foreign markets. Using the frequency and dollar magnitude of cross-border mergers and acquisitions (M&A) from 32 countries over the period 1998-2004,...

This study examines the association between debt maturity structure and accounting conservatism. Short-maturity debt can mitigate agency costs of debt arising from information asymmetry and suboptimal investment problems inherent in debt financing. As such, debt-contracting demand for accounting...

Based on pooled cross-sectional analysis, we find a robust positive relation between product market competition and conditional accounting conservatism. We also find evidence of an inter-temporal increase in conditional conservatism following industry deregulation and increased antitrust case...

Recent research documents that common law countries have stronger investor protection laws and more developed financial markets than civil law countries (La Porta et al., 1997, 1998). This line of inquiry is extended in our study to examine if variations in legal systems also affect accounting...

Extant research posits that cross-listing improves firms' access to lower cost external financing. But so far, there is scarce evidence that improved access to external funds through cross-listing contributes to higher firm growth. Documenting the relation between firm growth and cross-listing...

In this paper, we examine whether mandatory adoption of IFRS reduces firm opacity and contributes to stock price informativeness. Using data from EU countries, we document a V-shaped pattern in stock return synchronicity around IFRS adoption which is consistent with IFRS disclosures revealing...