Net income adjustments resulting from mandatory 2005 IFRS adoption in Europe are value relevant for financial and non-financial firms. Differences in relevance of the aggregate adjustment and adjustments related to several IFRS standards, for financial and non-financial firms and across country...

We argue that management guidance on firms' future earnings and other financial information serves to alleviate information asymmetry around seasoned equity offerings (SEOs), thus reducing the magnitude of SEO underpricing. Controlling for its endogeneity, we find that management guidance...

Based on Chinese city-level data from 1999 to 2012 and controlling for geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008....

Tunneling behavior, which is defined as the transfer of assets and profits out of a firm for the benefit of the firms controlling shareholders, has become the focus of increasing attention in the theoretical and empirical literature. There are some corporate governance procedures, however, that...

Tunneling behavior, which is defined as the transfer of assets and profits out of a firm for the benefit of the firms controlling shareholders, has become the focus of increasing attention in the theoretical and empirical literature. There are some corporate governance procedures, however, that...

The global financial crisis in 2008-09 has caused great turmoil in the banking sectors of the developed world. As a result, the importance of banks from developing economies, represented by BRIC banks, in the global banking market is rising. This paper investigates bank performance and its...

This paper investigates the impact of trade liberalization on firm productivity by using both Chinese manufacturing firm-level data and highly disaggregated Chinese import data from 1998-2002. We construct a measure of firms' total factor productivity (TFP) by adopting an augmented Olley-Pakes...