We examine the relationship between corporate capital investments and the business cycles. Specifically, we test whether the stock market exhibits different reactions to corporate capital expenditures under various business conditions, and provide evidence that US firms' capital expenditures...

Standards-based certification organizations (SBCOs) as a source of market order have been largely neglected as a topic of study by social scientists, particularly when compared to other sources of order such as the state and the market. This dissertation presents three papers that examine the...

Under current U.S. lease accounting standards, operating leases are considered off-balance-sheet (OBS) financing, thus allowing firms to use an operating lease as hidden debt. We show that firms' leverage, debt covenant violations, and tight covenant slacks have a large impact on the use of...

Purpose - Investigates the extent to which a client's innovative effort affects the level of audit effort and whether the innovative-effort efficiency can attenuate the demand for greater audit effort associated with a client's risky research-and-development (R&D)...

We investigate the extent to which a client's innovative effort affects the level of audit effort and whether the innovative-effort efficiency can attenuate the demand for greater audit effort associated with a client's risky research-and-development (R&D) investments. We find that a client...