... with private and public actors. Third, the role of regulation in those early developments was seemingly limited to codifying existing practices, as the first federal audit regulation was introduced only late in the development of the profession and did not significantly impact capital markets. Our historical...

... corporate governance regulation We examine whether the adoption of a shareholder vote on executive pay (commonly known as “say on pay”) is associated with an increase in insider trading profits. Over the last two decades, numerous countries have introduced a say on pay (SoP) regime, generally...

.... This article was previously titled “Does PCAOB Regulatory Enforcement Deter Non-Sanctioned Auditors?” PCAOB enforcement audit quality regulation restatements sanctions Phillip T. Lamoreaux, Arizona State University, W.P. Carey School of Business, Department of Accountancy, Phoenix, AZ, USA...

... Commission (SEC) states (in comment letters; see Appendix B ) that the presentation of non-GAAP income statements does not satisfy the requirements of Regulation G and may cause confusion among market participants. Consequently, the SEC has issued hundreds of comment letters directing firms to stop...

...Bradley E. Hendricks; Jed J. Neilson; Catherine Shakespeare; Christopher D. Williams ABSTRACT Regulation is often proposed, developed, and finalized over a lengthy rule-making period prior to its adoption. We examine the period over which banking authorities discussed, adopted, and implemented...

...) insurance premiums, management's diverted time and attention, and the loss in revenues due to reputational damages. Federal court filings may help investors price pending litigation by providing information about the expected duration and outcome of the case. litigation regulation PACER...

... practical implications for regulators who are concerned with investors' access to information (such as the SEC, which regards both market transparency and disclosure as key drivers for long-term growth). ⁵ My results suggest that increased market transparency improves investors' access...

... the costs associated with training employees to implement new policies capable of elevating the firm's performance to the PCAOB's desired standard. In doing so, the firm may hire individuals that have a deep knowledge and understanding of the regulator's practices and standards. Consistent...

... policyholder rebates. Our study illustrates how a combination of regulatory design choices and lax oversight can weaken the effectiveness of accounting-based regulation and have substantial economic consequences. We thank Jim Carson, Anne Ehinger, Cameron Ellis, Meg Esson, Steve Fier, Josh Frederick...

... a “deficiency-free” inspection report by issuing additional external capital amounting to 1.4 percent of assets and increasing investment by 0.5 percent of assets. These effects are larger for (1) financially constrained companies and (2) companies located in countries where there is no regulator...

...Sehwa Kim; Seil Kim; Stephen G. Ryan ABSTRACT We examine economic consequences of U.S. bank regulators' phased removal of the prudential filter for accumulated other comprehensive income for advanced approaches banks beginning on January 1, 2014. The primary effect of the AOCI filter is to exclude...

... in subsidiaries from countries with more lenient regulations. Taken together, our findings yield important insights on the drivers of earnings management location within the firm and highlight the need for better cross-country coordination in regulatory design. JEL Classifications: F23; G15; G34; G38; M41; M48...

... incentives align. external advisor legal counsel securities law disclosure SEC comment letters regulation In this study, we seek to shed light on whether and how the involvement of securities lawyers relates to companies' corporate disclosure decisions. One of the key purposes...

.... Loan performance is closely linked to economic cycles and financial stability ( Beatty and Liao 2011 ; Golin and Delhaise 2013 ). Nonperforming loans were also a focal point for regulators during the global financial crisis and the subsequent low-yield environment ( Bholat, Lastra, Markose, Miglionico...

...Frank Heflin; William J. Kross; Inho Suk ABSTRACT We document that the effect of Regulation Fair Disclosure (FD) on public management earnings forecasts (MFs) is asymmetric. Our results suggest that FD increased managers' use of MFs as a downward-guidance mechanism to help achieve meeting...

... real methods. So stronger reporting environments do not necessarily reduce total earnings management, but instead encourage substitution of real for accruals methods. 2015 earnings management IFRS regulation This paper examines how earnings management...

... ability to benefit from concealing and diverting firm value. It is optimal to maintain a partially informed board to the mutual benefit of shareholders and managers, and for firms in a stricter control environment to maintain a more informed board. Due to the indirect effect on SHC, regulations...

... and reasonable,” we find that CEO compensation costs for affected nonprofits during the post-regulation periods have increased by about 6.3 percent when compared with a control group of comparable unaffected nonprofits. In addition, the relative increase in CEO compensation appears to come from nonprofits...

... ownership, liquidity, and market valuation relative to a matched sample of control firms. We also examine the differential impact the exogenous shock of Regulation Fair Disclosure (Reg FD) had on firms with an established professional IR department. We find these IR firms more than doubled their level...

... organizations program ratios financial reporting quality regulation cost shifting agency problems donor sophistication A central question facing accounting researchers and standard-setters is the extent to which users of financial reports...