This study provides evidence on the impact of the Securities and Exchange Commission's (SEC) Regulation Fair Disclosure (Reg. FD) on information asymmetry. Reg. FD prohibits firms from disclosing quot;materialquot; information selectively to analysts and institutional investors. The regulation...

On October 23, 2000, the SEC implemented a regulation that changed the way corporate managers interact with analysts and investors. Under Reg. FD, managers can no longer give individual guidance to analysts without simultaneously disclosing the information to the public. This paper examines the...

We examine the cost-effectiveness, from the shareholders' perspective, of the accounting standards issued by the FASB during 1973-2009. In particular, we evaluate (i) the stock market reactions of firms affected by the standards surrounding events that changed the probability of issuance of...

We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' corporate real activities and organizational structures. We exploit the threshold-based application of this 2016 disclosure rule to conduct...

Underpinning the post-crisis consensus on money creation (the “bank loans create deposits” thesis) is Werner’s explanatory account, according to which banks are able to do this by virtue of their being exempt from the law prohibiting firms from receiving client funds and holding them “in...

Elements of corporate governance must be activated at all scales for the efficient functioning of a nation‘s capital market. The effectiveness of the board of directors depends on factors related to, for example, the composition of the board and its independence. This study aims to investigate...

We investigate the impact of uneven transparency regulation across countries and industries on the location of economic activity. Using two distinct sources of regulatory variation — the varying extent of financial-reporting requirements and the staggered introduction of electronic business...

We investigate the impact of uneven transparency regulation across countries and industries on the location of economic activity. Using two distinct sources of regulatory variation—the varying extent of financial-reporting requirements and the staggered introduction of electronic business...

We investigate the effect of standard setters in standard setting: We examine how certain professional and political characteristics of FASB members and SEC commissioners predict the accounting "reliability" and "relevance" of proposed standards. Notably, we find FASB members with backgrounds in...

We investigate the effect of standard setters in standard setting. We examine how certain professional and political characteristics of FASB members and SEC commissioners predict the accounting “reliability” and “relevance” of proposed standards. Notably, we find FASB members with...