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In this study we address the ongoing debate as to whether the competition among the world's major exchanges through simplified disclosure requirements is justified. Companies from across the globe have a choice of cross-listing shares as either American or Global Depositary Receipts (ADRs and...
Persistent link: https://www.econbiz.de/10012937884
A significant amount of earnings management (EM) research has treated managers' EM decision processes as a “black box”. The objective of this study is to begin to open the black box though examining the relative importance of economic factors as well as ethical considerations in managers' EM...
Persistent link: https://www.econbiz.de/10012979433
The term “audit style” is used to characterize the unique set of internal working rules of each Big 4 audit firm for the implementation of auditing standards, and the enforcement of GAAP within their clienteles. Audit style implies that two companies audited by the same Big 4 auditor,...
Persistent link: https://www.econbiz.de/10013007412
We use a long time-series from Australia to investigate the determinants and (to a lesser extent) consequences of audit market concentration. We show that increasing skewness in the size of public companies is associated with increased audit market concentration, and that the growth of the large...
Persistent link: https://www.econbiz.de/10012856697
Recent research suggests that the stock market reacts to stale information if it is reported in the media because it is gives the impression of being “new” news. The objective of this study is to provide a unique test of this hypothesis using the time-series properties of quarterly earnings....
Persistent link: https://www.econbiz.de/10013050998
This study examines the valuation relevance of greenhouse gas emissions under the European Union Carbon Emission Trading Scheme (EU ETS). We posit that carbon emissions affect firm valuation only to the extent that a firm's emissions exceed its carbon allowances under a cap and trade system and...
Persistent link: https://www.econbiz.de/10013054336
We investigate the risk-return characteristics of merger arbitrage in the Australian market for corporate control, whereby hedge fund managers acquire companies subject to a takeover offer. On average, a strategy of buying target companies and short-selling bidders making scrip offers would have...
Persistent link: https://www.econbiz.de/10012756383
Persistent link: https://www.econbiz.de/10012133478
This study examines the extent to which seasonal variation arises across calendar months in the performance of active Australian equity managers. While it is well documented that there is seasonality in equity market returns, it is unknown whether calendar month variation in managed fund...
Persistent link: https://www.econbiz.de/10005312541
The present paper examines both the characteristics of stocks that fund managers prefer to hold and their use of derivatives. We find strong evidence that fund managers prefer large, liquid and low volatility stocks. Weak evidence exists that fund managers prefer to hold stocks that are past...
Persistent link: https://www.econbiz.de/10005203369