The SEC adopted a rule in December 2007 to eliminate the 20-F reconciliation requirement for foreign private issuers preparing financial statements under IFRS as issued by the IASB. We examine whether the SEC's elimination of the 20-F reconciliation affects the cost of debt for such foreign...

Section 404 of the Sarbanes-Oxley Act requires managers to assess, and their auditors to express an opinion on, the effectiveness of internal controls over financial reporting (ICFR). Policymakers expect the ICFR audits to enhance the credibility of firms' financial statements. Prior research...

This paper examines the trading volume reaction to the reconciliation of IAS-based earnings to U.S. GAAP on Form 20-F filed during the period of 1995-2001. The sample includes all non-U.S. firms that use IAS as their primary reporting standards and reconcile their earnings to U.S. GAAP in their...

This paper examines trading volume reaction to the reconciliation of IAS-based earnings to U.S. GAAP-based earnings. The sample includes foreign firms listed in the U.S. that use IAS as their primary reporting standards and reconcile their earnings to U.S. GAAP during the period of 1995-2004....

In 2007, the U.S. Securities and Exchange Commission voted to eliminate the 20F reconciliation requirement for foreign issuers listing their stocks or bonds in the U.S. capital markets and preparing their financial statements under International Financial Reporting Standards (IFRS). Distinct...

We examine the association between goodwill impairment charges and analysts' forecast accuracy and dispersion. We compare firm-quarters that report periodic goodwill impairment charges during 2003-2007, and two control samples (matched on propensity scores and performance) of firm-quarters that...