This paper examines how a regulatory design with multiple supervisory agencies translates into firm-level compliance in form and substance with disclosure regulations. We exploit the fact that banks are subject to equivalent risk disclosure rules under securities laws (IFRS 7) and banking...

EU Regulation requires that any international accounting standards (IFRS) and interpretations (IFRIC) pronounced by the IASB meet three sets of criteria before they become binding for EU-based companies: a ‘true and fair view' criterion, a list of qualitative criteria, and a ‘European public...

This paper examines the economic consequences of mandatory IFRS reporting around the world. We analyze the effects on market liquidity, cost of capital and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity...

Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have broad economic or social consequences, such as their...

This paper examines the economic consequences of mandatory IFRS reporting around the world. We analyze the effects on market liquidity, cost of capital and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity...