This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

This paper studies the economic consequences of certification of corporate governance practices. For identification, we exploit a recent cross-country initiative by a coalition of key institutions in Southeast Asia; the periodic publication of a “Top List” of companies in the region selected...

Global investors often demand independent assessments of firms’ governance mechanisms. However, the supply of such evaluations is subject to two important limitations: assessment error and lack of coverage in certain regions. This paper studies a recent initiative that addresses these...

We exploit IFRS mandatory adoption as a source of variation in the demand for conditional conservatism to examine the role of unaffiliated bankers on the level of conditional conservatism. We show that firms with unaffiliated bankers on boards of directors experience a significant increase in...

We exploit the Fukushima nuclear disaster as a source of variation in the demand for environmental information to study the economic consequences of environmental disclosure. Using a large, hand-collected sample of Japanese firms, we find that firms that issue stand-alone environmental reports...

Using a large sample of European firms that mandatorily adopted IFRS, this paper assesses how firm-level governance, as proxied by board attributes, and country-level enforcement interplay in affecting financial reporting quality. Financial reporting quality is assumed to have three dimensions:...

We exploit an informational shock to the firm information environment to examine the relationship between unaffiliated bankers on corporate boards and conditional conservatism. We find that after the information shock, firms with unaffiliated bankers on board experience a statistically and...