From October 2013, UK law and regulations (the Reform) require periodic binding shareholders' approval of executive directors' remuneration policy, as well as enhanced disclosure in remuneration reports. These requirements supplement an ongoing requirement for an annual non-binding vote on...

Using a large sample of domestic and foreign IPOs in the US, we investigate how threats of enforcement by the Securities and Exchange Commission (SEC) and private litigation influence earnings management in IPO prospectuses. We propose that perceptions of foreign institutions may influence SEC...

The fixed-effects specification is often used in panel datasets as a way of dealing with correlated omitted variables. A review of recent accounting publications reveals that while researchers are generally aware of the need to include fixed-effects in empirical models when using panel datasets...

This paper investigates inter-temporal relations in market liquidity and price efficiency in a setting that is more descriptive of trading patterns around public announcements than those typically analyzed in the existing literature. The model incorporates both strategic investors who behave as...

The True and Fair View (TFV) concept requires UK and EU companies to depart from GAAP or the law if necessary to present a true and fair view of the corporation's financial affairs. We analyze a sample of UK public companies that invoked a TFV override during 1998-2000 to assess whether...

We provide evidence that distinguishes between competing production cost-based explanations of how to interpret unusually high (or low) audit fees and their expected relation with accounting quality. Abnormally high or low fees are typically proxied by the residuals obtained from fee models....