This study investigates factors that determine the choice of auditor in the market for new issues of securities. While ex post benefits of selecting a high reputation auditor are well documented in the literature (e.g., higher IPO proceeds), researchers have had less success in establishing the...

This study analyzes a sample of initial public offerings (IPOs) to examine the sources of firm-specific risk associated with investment by venture capitalists. The results indicate that IPO backing by venture capitalists is associated with risk factors related to operating profit margins and...

We examine the relevance of governmental accounting information to the citizenry by analyzing the association between various financial and non-financial measures of local government performance and residential property values. The link between government performance measures and residential...

This study examines how the choice between successful efforts and full cost methods of accounting affects the value relevance of earnings for firms in the oil and gas industry. The strength of the relation (R2) between twelve month (annual) security returns and annual earnings levels is compared...

Foreign companies listing on U.S. exchanges are required to report financial information under U.S. GAAP on Form 20-F using either Item 17 or Item 18 disclosure rules. These two disclosure rules differ in that Item 17 allows many exemptions from U.S. GAAP, while Item 18 requires disclosure of...

This paper identifies segment characteristics that made industry segment reporting more useful in equity valuation. Those characteristics are the difference in segments' growth potential, the relative size of segments, and the magnitude of correlation in segment earnings. Usefulness is measured...