The largest CPA firms have been regarded as quality-differentiated auditors. This has been a prominent assumption of empirical research in accounting and auditing. Yet, prior research has only tested whether the largest CPA firms, in the aggregate, are quality-differentiated auditors. This paper...

The article focuses on elucidating the meaning of Yukos risk mainly in terms of corporate bankruptcy litigation in multiple jurisdictions, including, the U.S., U.K., The Netherlands, and Russia. The emphasis is on understanding the various legal theories and the court decisions reached so far in...

The Long Term Credit Bank of Japan (LTCB) was one of the most aggressive lenders to real estate developers during the 1990s. Its financing activities covered the Pacific, including Australia, Vietnam, Saipan and Hawaii, as well as parts of the continental United States. Once one of Japan's three...

Courts are confusing the Business Judgment Rule with the standard of care that governs the conduct of corporate directors and officers. The Supreme Court of Alaska declared in recent dictum that the Business Judgment Rule has been codified in section 10.06.450(b) of the Alaska Statutes, the...

The article discusses the rights of unnamed class members in class actions and shareholders in corporate derivative suits to appeal court orders approving the settlement of their claims. As representative actions, class actions and derivative suits by definition necessarily determine the rights...

The article discusses the nature of corporate personhood and the propriety of using certain types of evidence to prove corporate misconduct. Under Federal Rule of Evidence 404, the character evidence rule, evidence of a person's bad character generally is not admissible to prove that a person...

Creditors have long understood that any claims they submit for repayment in a bankruptcy might be valid, but subject to subordination in the order of payment of the bankruptcy estate's limited funds if the creditor behaved inequitably as the debtor failed. Enron's on-going bankruptcy raised many...

Outsiders often have and seek to trade on a firm's material, nonpublic information. For example, lawyers have traded on advance information about the filing of a lawsuit, a social activist has announced a plan to trade on advance information of a boycott, and a hedge fund operator has engaged in...