For many firms, the value of common equity is affected by the value of two types of minority interests: equity method investments (the company's significant minority stakes in affiliated entities), and non-controlling interests (outside minority interests in the company's partially-owned...

We examine changes in the market valuation of banking activities over the last decade, focusing on the effects of the financial crisis. Our valuation model recognizes that banks create value through the types of assets and liabilities that they create and the various types of risk they undertake...

We investigate the role of mandatory financial disclosure in the takeover market for privately held U.S. banks. Public financial information plays a critical role in the takeover market as acquirers rely on it to identify potential targets and conduct preliminary due diligence. Using a...

The financial crisis that erupted in late 2007 has resurfaced debates about the role of accounting and external financial reporting by financial institutions in helping detect or mask systemic risks and in exacerbating or mitigating such risks. The debate has largely focused on the role of fair...