This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in market responses to earnings news after public audit oversight is introduced, exploiting that the regime onset depends on fiscal-year ends, auditors, and the roll-out of auditor...

Today, financial reporting is not only limited to producing financial information. Besides financial information, non-financial information is also provided to the information seekers. The system of communicating both financial and non-financial information in a single report is known as the...

Accounting is the science of communicating the financial information of the business organization in an organized manner. Before communicating the business information it is necessary to record the actual business results in a scientific manner so as to ensure the true and fair view of the...

This paper examines how the investor's belief about the project's ability of generating cash flow affects accounting standard setting. It proves analytically that the accounting standard in the Stackelberg equilibrium of the static model increases with the increase in the investor's belief about...

IFRS 9 was introduced by the IASB in 2014 and became mandatory for fiscal years starting in 2018. It bears fundamental changes in the accounting requirements for financial instruments, especially in the areas of recognition, categorisation and measurement, impairment and loan loss provision. As...

A critical issue in international financial management is that of "balancing the government's books" (The Economist 1994, p. 73). Since governmental commitments to maintaining or improving citizens' well-being are subject to re­source constraints, the Governmental Accounting Standards Board...

This study addresses whether an auditor change (a resignation or a dismissal) mitigates information asymmetry as measured by market liquidity or trading activity. For auditor dismissals our results show no effect on our sample firms' market liquidity or trading activity. By contrast, for auditor...

High disclosure standards are perceived to be the cornerstone of the U.S. securities markets. However. the Securities and Exchange Commission (SEC) prohibits the quantification of unproved reserves by U.S. oil and gas firms (based on the argument that it would mislead unsophisticated individual...

This paper provides an introduction to and a review of governmental capital markets based research. It updates earlier studies and focuses on recent methodological developments. Prior research is classified ac­cording to the type of data used, emphasizing special topics that have received...

The most visible credit market measure of the fiscal health of a municipality is the credit rating. In this article we ask whether the credit rating fully incorporates the fiscal stresses faced by municipal governments. We utilize state "tax effort" as a measure of the fiscal stress faced by a...