We develop and test accounting-based valuation models for commercial banks. We extend Begley et al.'s (2006) framework and propose a valuation model where goodwill is generated by virtually all commercial and investment banking activities. Key features of our model are: the development of a...

For the period of 2006 to 2008, we collect Comment Letters issued by the SEC that question the application of US GAAP by US firms or the application of IFRS by European firms registered with the SEC. We investigate whether institutional investors react to the letters by changing their holdings...

We use hand-collected data for a sample of large European firms to investigate the influence of countries' institutional and economic factors on managers' non-GAAP disclosures. We find that managers are more likely to use non-GAAP measures to meet or beat earnings benchmarks that GAAP earnings...

We examine whether similarities in legal, sociological, and cultural characteristics between countries (country-pair homophily) affect foreign director appointments. Our results from estimating a gravity model, which includes economic and geographic country characteristics, indicate that...

We explain the process and documents that internalise the European Union (EU) Directive No. 2013/34 in Portugal. The Portuguese accounting standard setting body, the Comissão de Normalização Contabilística (CNC), is the entity in charge of the preparation and implementation of accounting...

We provide new evidence on the co-dependence among the many country attributes previously linked to financial reporting quality. First, we show that the synchronicity of 21 changing country attributes spikes surrounding mandatory IFRS adoption. Thus, while IFRS adoption “explains” increased...

We study the market's reaction to the disclosure of non-GAAP earnings measures that are combined with high impression management. We construct an impression management score that captures several communication techniques that managers often use to positively bias investors' perceptions of firm's...

We study the market's reaction to the disclosure of non-GAAP earnings measures that are combined with high impression management. We construct an impression management score that captures several communication techniques that managers often use to positively bias investors' perceptions of firm's...

We examine whether similarities in legal, sociological, and cultural characteristics between countries (country-pair homophily) affect foreign director appointments. Our results from estimating a gravity model, which includes economic and geographic country characteristics, indicate that...