The paper has described and examined the most relevant corporate governance developments in Italy, taking into account both the normative developments, such as laws and codes of conducts, as well as actual developments in corporate practices. Taking into accounting the ownership and control...

This paper examined the key issues related to the effects of introduction of fair value in a stakeholder-oriented accounting system. In particular, it discussed how the decision of the Italian policymaker to limit the distribution to shareholders of fair value gains is rooted on the importance...

The paper has described and examined the most relevant corporate governance developments in Italy, taking into account both the normative developments, such as laws and codes of conducts, as well as actual developments in corporate practices. Taking into accounting the ownership and control...

We have recently witnessed significant emphasis on improving investor confidence and public trust in financial reports. Reported financial scandals (e.g., Enron, WorldCom, Global Crossing, Qwest, Parmalat) have eroded investor confidence and made forensic accounting an attractive career...

This paper analyses and discusses the quot;positivequot; issues of the overriding international financial reporting standards principle of quot;true and fair viewquot; in connection with corporate governance mechanisms. The analysis is based on case study evidence. Empirical evidence from the...

This paper empirically examines whether certain corporate governance mechanisms are related to the probability of a company restating its earnings. We examine a sample of 159 U.S. public companies that restated earnings and an industry-size matched sample of control firms. We have assembled a...

The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are...

This paper examines the Parmalat case, with particular regard to the accounting and corporate governance issues which caused the scandal. The aim of the paper is to understand why the financial reporting system and the corporate governance system have failed in the Parmalat case. It describes...

In the post-Enron world, the spot light is on the auditors who face a higher risk of litigation. This study provides evidence on one strategy employed by auditors to mitigate litigation risk and rebuild their reputation by enhancing earnings conservatism of their clients. I examine the earnings...

The metrics of generally accepted accounting principles is undergoing a debate in the wake of the accounting and financial scandals that began with Enron. Central to this debate is whether GAAP has become too rule based and needs to become more focused on principles. Sarbanes-Oxley calls on the...