We examine in this study the relevance to investors of information on the capitalization of software development costs, as promulgated in 1985 by the Financial Accounting Standards Board in its Statement No. 86 (SFAS 86). We find that software capitalization is value-relevant to investors: The...

We investigate search costs for farmers and traders, by measuring how the introduction of mobile phones in Mozambique affected maize producer prices and traders’ margins. Our estimations are based on weekly producer and retail prices of white maize grain, from July 1997 to December 2009, for...

Exploiting the staggered implementation of the EDGAR system from 1993 to 1996 as exogenous shocks to information dissemination technologies, we document that faster dissemination of corporate disclosures through the internet increases firms’ future stock price crash risk. These results are...

The current research assesses the risks commonly attributed to the presence of HFT in the context of different market structures deployed by the U.S. exchanges. In particular, we find that, by design, the so-called “normal” exchanges have the lowest market quality, including the highest...

The growth of technological firms is based on the exploitation of innovative products and services thus forcing them to strongly invest in research and development (Ramp;D). If the Ramp;D expenditures announce the strategic positioning of firms, they can also significantly decrease the financial...

We exploit a unique feature of cryptocurrency markets to provide new evidence on how derivatives impact cash markets. In December 2017, the CME Group and CBOE Global Markets both introduced futures contracts on bitcoin (BTC) against USD, but not on any other cryptocurrency exchange rate pairs....

We show that the intangible asset, firm reputation, has value-relevance as measured by its ability to explain part of the difference between BV and MV. Firm reputation is measured using the Fortune survey of quot;America's most admired companies.quot; We allow the Fortune rankings to serve as a...

We use the transaction cost theory, originally proposed by Coase (1937), as a theoretical framework to examine the potential impact of the blockchain technology on accounting and auditing processes in terms of information timeliness, information quality, and auditing costs. Since a blockchain...

Domestic outsourcing has grown substantially in developed countries over the past two decades. This paper addresses the question of the technological drivers of this phenomenon by studying the impact of the staggered diffusion of broadband internet in France during the 2000s. Our results confirm...

Technological innovation is not a blessing for all firms, or for investors holding the market. In the late 20th century US, individual firms' stock returns correlate positively with their own productivity growth, yet the market return correlates negatively with aggregate productivity growth,...