This paper investigates how accurately the information contained in accounting accruals and their components are impounded into stock prices and provide evidence on the accounting accruals and the revisions of analyst earnings forecasts in terms of pricing or mispricing the stock. The results...

In this paper, we investigate whether enhanced disclosures via voluntary adoption of International Financial Reporting Standards (IFRS) influence stock price synchronicity or the extent to which firm-specific information is impounded into stock prices. We also study the role of analyst following...

As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country's firms. We study 4,409 firms from 29 countries to assess whether and why concerns about corporate...

This paper discusses empirical evidence on the costs (and benefits) of the Sarbanes-Oxley Act (SOX), particularly from stock returns and firms' going-private decisions. Zhang (2006) analyzes stock returns around key legislative events and concludes that SOX and its provisions have imposed...

This study investigates the credibility of earnings forecasts disclosed by companies listed on the Athens Stock Exchange. The focus of the study is on earnings forecasts disclosed in the prospectus of listed firms that are issuing equity through a rights issue. The results of the study show that...

This paper examines the liquidity, Tobin's Q, and cost of equity effects from voluntary and mandatory IFRS adoption. In contrast to prior work, we focus on the firm level heterogeneity in the economic consequences, recognising that the level of uncertainty avoidance (UAI) in a country will...

It is well documented that firms tend to manipulate earnings before IPO (initial public offerings) and SEO (seasoned equity offerings). This study contributes to the literature by providing the first evidence on whether and how fiscal support in the form of preferential tax treatment and...

We examine the link between enhanced accounting comparability and the valuation performance of pricing multiples. Using the warranted multiple method proposed by Bhojraj and Lee (2002, Journal of Accounting Research), we demonstrate how enhanced accounting comparability leads to better...

Firm specific information has a damped effect on business group firms' stock prices. Business group affiliated firms' idiosyncratic stock returns are less responsive to idiosyncratic commodity price shocks than are the idiosyncratic returns of otherwise similar unaffiliated firms in the same...

This study investigates whether the influence of the US environment on firms cross-listed in the US is associated with the reduction in the disclosure deficiencies related to firms' legal traditions. We analyze the levels of compliance with the disclosures required by International Accounting...