In this paper we examine the association of audit fees with disclosures regarding internal control effectiveness under Section 302 of the Sarbanes Oxley Act of 2002 (SOX). In contrast to previous studies, we focus on non-accelerated filers, whose eventual compliance with the costly provisions of...

This study examines whether financial reporting with a specific focus on risk disclosures have a predictive (informative) effect on banks' credit ratings (BCRs) and, consequently, ascertains whether governance structures can moderate such an association. Using one of the largest bank-level...

Worldwide, primary corporate bond markets have become an increasingly important source of financing for non-financial companies. This trend is coupled with a relative decrease in traditional bank lending to non-financial companies and low levels of bond interest rates. Just as shareholders,...

Diese Studie untersucht die Übereinstimmung von Erklärungsentsprechen und Entsprechenserklärung bezüglich Ziffer 4.2.3 Abs. 4 S. 1 Deutscher Corporate Governance Kodex (DCGK) in den Jahren 2010 bis 2014. Dazu wurden in einer Vollerhebung die Entsprechenserklärungen und Abfindungssummen...

This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a...

We adopt a novel approach to explain why firms opt for or against CEO duality and the value implications of this choice. Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of...

This Article seeks to contribute to the heated debate on the disclosure of political spending by public companies. A rulemaking petition urging SEC rules requiring such disclosure has attracted over 1.2 million comments since its submission seven years ago, but the SEC has not yet made a...

Purpose: This study investigates the level of compliance with, and disclosure of, good corporate governance (CG) practices among UK publicly listed firms, and consequently ascertains whether board characteristics and ownership structure variables can explain observable differences in the extent...

This study documents the danger of limiting the coverage of mandatory pay disclosure. Exploiting the 2013 rule change in Korea, we find that its restrictive coverage, confined to board members with total annual pay exceeding 500 million Korean won, led a large fraction of executives to evade...

We study the economic consequences of mandates that require bank auditors to report to bank supervisors. Based on survey responses from the European Central Bank and all 28 national bank regulators within the European Union and a review of national banking regulations, we create a novel dataset...