We study firms' investment in internal control to reduce accounting manipulation. We first show the peer pressure for …

inferences. CHL seeks to contribute to the literature by disentangling the liquidity benefits of changes in accounting standards …

Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature … shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have … perception of these consequences varies with a politician's ideology. Therefore, if accounting rules produce those consequences …

. In contrast, the change in accounting standards seems to have had little effect on market liquidity …