Using a large data sample of 58,562 new municipal issues covering the period from 1984 to 2002, we examine whether the quality of advice provided by a financial advisor affects new issue interest costs. We find that higher-quality financial advisors are associated with statistically significant...

We examine whether additional education requirements to enter the accounting profession lead to higher costs to clients. Using the 150-hour education requirement in the U.S. and the audit services market during the period 2000-2004 as the setting for our study, we find that corporations...

We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a firm's state of incorporation. After correcting for the endogeneity of firms' incorporation choice, we find that firms incorporated in states with more antitakeover laws have...

Examines differences and determinants of errors in economic forecasting for foreign companies. Magnitude of forecast errors across 15 countries; Comparison of errors cross-sectionally and across time; Influence of firm size, forecast dispersion, industry and time period; Implications to financial...

We examine the impact of analyst coverage on corporate tax aggressiveness. To address endogeneity concerns, we perform a difference-in-differences analysis using a setting which causes exogenous decreases in analyst coverage. Our tests identify a negative causal effect of analyst coverage on tax...