We provide initial evidence on the economic consequences of a relatively large, fully disclosed, and apparently purposeful reporting decision: the balance sheet classification of short-term obligations as long-term debt in accordance with "Statement of Financial Accounting Standard No. 6". We...

This paper examines the zero‐cost risk reversal as a tool for increasing returns to excess yen while limiting risk. With domestic interest rates near zero, firms holding Japanese yen face little opportunity to deposit cash for meaningful gain unless excess funds are invested in an other...

Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors, and therefore lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional...

This paper discusses the implications of using a change in working capital approach to measure accruals and the importance of the distinction between accruals and deferrals in the context of evaluating extant earnings management models. From this discussion, I develop a cash flow mapping model...