We investigate firms' financial reporting policies with respect to business combinations, particularly the choice between the purchase and pooling-of-interests methods. To control for potentially confounding effects related to the method of acquisition financing, we focus on a sample of...

Uncertainty about historical evidence of forest clearing is highlighted; nevertheless, its longevity and basic importance for survival make an understanding of the process important. First, archaeological and paleobotanical evidence for clearing during late Mesolithic and Neolithic Europe is...

We examine whether concerns about lenders' discrimination based on community racial characteristics can be empirically substantiated in the context of neighborhoods on and near American Indian reservations. Drawing on a large-scale dataset consisting of individual-level credit bureau records and...

We examine whether concerns about lenders' discrimination based on community racial characteristics can be empirically substantiated in the context of neighborhoods on and near American Indian reservations. Drawing on a large-scale dataset consisting of individual-level credit bureau records and...

Financial executives of firms engaged in forward contracting have raised concerns that mandated disclosure of those contracts would reveal proprietary information to rival firms. This paper considers the basis for those concerns in the framework of a duopoly in which one privately informed...

Two important factors in determining how investors select portfolios and how asset prices and returns are determined are taxes and risk. Absent risk, the effect of taxes has been captured by models that assume the existence of tax clienteles and characterize implicit taxes contained in the...

In this paper we investigate the existence and magnitudes of implicit taxes on equity. Specifically, using futures market data to control for risk, we test whether the pre-tax returns on bonds are higher than the pre-tax returns on four stock indices during the period 1993-1999. We compare the...

This study develops and tests a model of tax capitalization in stock prices. The key innovation of the model is consideration of how distribution policy affects the extent to which dividend and capital gains taxes are impounded into stock prices. The key innovation of the empirical analysis is...