We examine whether the mandatory introduction of International Financial Reporting Standards leads to an increase in institutional investor demand for equities. Using a large ownership database covering all types of institutional investors from around the world, we find that institutional...

We directly test the reliability and relevance of fair values reported by listed private equity firms (LPEs), where the unit of account for fair value measurement attribute (FVM) is an investment stake in an individual investee company. FVMs are observable for multiple investment stakes, fair...

We directly test the reliability and relevance of fair values reported by listed private equity firms (LPEs), where the unit of account for the fair value measurement (FVM) is an investment stake in an individual investee company. FVMs are observable for multiple investment stakes, fair values...

"How should an investor challenge the market price and find value? This book provides a new lens, arguing that value investing is a matter of understanding the business through accounting. Stephen Penman and Peter Pope-leading authorities on accounting and its investment applications-demonstrate...

α (“Alpha”) has symbolic importance on the investments side of finance. That is, a fundamental pillar of modern finance theory is the risk-return relation, and traditionally alpha is taken to represent the degree of “mispricing” in asset returns. But, such an interpretation is not...