In this paper, we examine whether the industry-specialist audit fee premium and scale discounts are attributable to financial statement complexity. Financial statement complexity is measured using a combination of the number of Arabic numerals, the number of words, and the readability of 10-K...

Over the last decade, U.S. firms have used their large cash holdings to buyback shares and pay dividends, instead of investing in R&D activities that can spur future growth. One possible reason for this behavior is that R&D activities — yielding new products and services or cost reductions —...

Prior accounting and finance literatures document a positive relation between R&D investment and future operating performance, implicitly assuming that the benefits from R&D are independent of other resources. However, the economics and strategy literature provides a framework that other...

Bitcoin as a cryptocurrency has received wide public interest. As a decentralized transaction system, Bitcoin relies on the mining process, which is a necessary process to validate transactions. The mining process involves solving complex crypto-puzzles which requires significantly high...

Recently, a growing body of literature has suggested that financial statements have lost their value relevance because of a shift from a traditional capital-intensive economy to a high-technology, service-oriented economy. These conclusions are based on studies that find a temporal decline in...

Though the benefits of information exchange across firms in a value chain have increased and the costs of information processing have gone down, there are only some cases where such systems have been implemented. In this paper, we develop a stylized model of a value chain that consists of a...