Size, not book-to-market, helps to explain cross-sectional differences in Chinese stock returns from 1996 to 2002. Similar to the U.S. experience, beta does not account for return differences among individual stocks. Due to the speculative nature of Chinese capital markets and the low quality...

Performance is the outcome of work and it provides the linkage between the goals of an organisation and its effectiveness. Since there are various models of performance, this study seeks to empirically identify the most commonly used model by companies quoted on the 1st Tier of the Nigerian...

We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26...

Size, not book-to-market, helps to explain cross-sectional differences in Chinese stock returns from 1996 to 2002. Similar to the U.S. experience, beta does not account for return differences among individual stocks. Due to the speculative nature of Chinese capital markets and the low quality...

Using financial accounting data from manufacturing firms in 16 countries for 1986-1995, we demonstrate that the value relevance of financial reports is lower for countries where the financial systems are bank-oriented rather than market-oriented; where private sector bodies are not involved in...

The purpose of this paper is to study the relationship between disclosure and liquidity. Previous empirical tests have focused only on US markets and have used standard least square estimation techniques even in the presence of panel data. We analyse a market (Madrid Stock Exchange) with special...

Assuming the clean surplus relation, the Edwards-Bell-Ohlson residual income valuation (RIV) model expresses market value of equity as the sum of the book value of equity and the expected discounted future residual incomes. Without assuming the clean surplus relation, Ohlson and Juettner-Nauroth...

This paper examines whether the current reporting and disclosure requirements for foreign registrants in the United States affect foreign firms' decisions to list on a U.S. exchange. We find that while firms from a weak disclosure environment are more likely to cross-list and either trade...

The authors examine how the valuation multiples assigned to the equity of Canadian-listed firms compare with the equity of comparable firms listed in the United States. They find that Canadian-listed firms trade at a discount to U.S.-listed firms across a range of valuation measures. Differences...

We examine whether application of International Accounting Standards is associated with higher accounting quality. The application of IAS reflects the combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find...