We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' corporate real activities and organizational structures. We exploit the threshold-based application of this 2016 disclosure rule to conduct...

We examine how Securities and Exchange Commission (SEC) enforcement varies at fiscal year- end. Using a sample of over 12,000 SEC enforcement actions, we find that the number of case filings in September, the final month of the SEC’s fiscal year, is approximately double the average of other...

We investigate the impact of uneven transparency regulation across countries and industries on the location of economic activity. Using two distinct sources of regulatory variation-the varying extent of financial-reporting requirements and the staggered introduction of electronic business...

Elements of corporate governance must be activated at all scales for the efficient functioning of a nation‘s capital market. The effectiveness of the board of directors depends on factors related to, for example, the composition of the board and its independence. This study aims to investigate...

We investigate the impact of uneven transparency regulation across countries and industries on the location of economic activity. Using two distinct sources of regulatory variation — the varying extent of financial-reporting requirements and the staggered introduction of electronic business...

We investigate the impact of uneven transparency regulation across countries and industries on the location of economic activity. Using two distinct sources of regulatory variation—the varying extent of financial-reporting requirements and the staggered introduction of electronic business...

This paper examines banks' disclosures and loss recognition in the financial crisis and identifies several core issues for the link between accounting and financial stability. Our analysis suggests that, going into the financial crisis, banks' disclosures about relevant risk exposures were...

I examine how mandatory disclosure of fiscal payment information in developed countries affects fiscal revenue contributions and investments by multinational firms in less developed countries. In Europe and Canada, extractive firms have to publicly disclose their payments to foreign host...

We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...

This paper discusses empirical evidence on the economic consequences of mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) and provides suggestions on how future research can add to our understanding of these effects. Based on the explicitly...