This contractual incompleteness opens the scope for opportunistic behavior in unanticipated states, which, being rationally anticipated at contract initiation, distorts the allocation of economic resources. REVISION: Financial Shocks and Corporate Investment Activity: The Role of Financial CovenantsDate Posted:Fri, 04 May 2018 09:11:13 -0500We examine whether shocks to credit institutions affect the choice among accounting-based covenants in private debt contracts and whether this effect represents a channel through which shocks to lenders affect corporate investment. International accounting harmonization; mandatory IFRS; disclosure behavior. We find that international labor migration in the accounting profession increases significantly relative to other professions. All Rights Reserved. The Capital-Market Effects of Mandatory IFRS AdoptionDate Posted:Sat, 12 Oct 2013 08:42:21 -0500Barth and Israeli (2013) raise five serious concerns regarding the research design and interpretation of Christensen, Hail, and Leuz (2013). The liquidity effects around IFRS introduction are concentrated in the European Union (EU) and limited to five EU countries that concurrently made substantive changes in reporting enforcement. We find that although PTR does not affect payments or consumer search, it does cause hospitals to reduce charges by approximately 5%. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. Middle School: Select: 04 105243 : 67116-4: Callie Kirkpatrick Elementary School: Select: 04 105642 . Nevertheless, the market-based evidence on this subject is very limited. There is little evidence of liquidity benefits in IFRS countries without substantive enforcement changes even when they have strong legal and regulatory systems. Exploiting both between- and within-state variation to address endogeneity concerns, we find that PTR causes providers to reduce charges by approximately 6%. We find that, on average, labor migration in the accounting profession increases relative to comparable professions by roughly 15% after harmonization. With support and encouragement students will reach their true potential. By discussing its rich theoretical implications, we expect incomplete contract theory to prove useful in motivating more research and in offering directions to advance our knowledge of how accounting information affects contract efficiency. Livermore Valley Joint Unified School District is committed to providing a website that is accessible to the widest possible audience, regardless of technology or ability. Girls Who Code Club, 2:45-3:45 p.m., Room 402. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. We find that international labor migration in the accounting profession increases significantly relative to other professions. Moreover, we find similar liquidity effects for firms that experience enforcement changes but do not concurrently switch to IFRS. Consistent with changes in existing extraction firms business practices contributing to the increase in development, the association between resource production, instrumented by world commodity prices, and local economic activity increases by 40%. REVISION: Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature ReviewDate Posted:Thu, 29 Apr 2021 05:39:25 -0500This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. *Date Posted:Sat, 28 Feb 2009 04:31:40 -0600We examine whether and why companies prefer fair value to historical cost when they can choose between the two valuation methods. Be a Redfin Agent. Registration is required. Hans Christensen's current research primarily focuses on the effect on society of regulation aimed at incentivizing firms to act socially responsible. Academics Find Significant Benefits and the Costs AppearDate Posted:Fri, 09 Mar 2012 12:23:41 -0600Kim and Shi (this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal a conclusion that is similar to many published papers on IFRS adoption. Privacy & Cookies Notice 1820 Unice Ave. N., Lehigh Acres, FL 33971. Galley kitchen, living room with dining area. Little is known, however, about companies choice of fair value over historical cost and its determinants. It is based on an extensive review of the academic literature in accounting, economics, finance, and management. Using two distinct measures of lender-specific shocksdefaults in a lenders corporate loan portfolio that occur outside the borrowers region and industry, and non-corporate loan delinquencieswe show that lenders respond to financial shocks by increasing the number and strictness of performance-based but not of capital-based covenants in debt contracts. In general, we find a very limited use of fair value accounting. Following IFRS Adoption?Date Posted:Wed, 17 Sep 2008 18:51:05 -0500This study examines whether and why fair value is preferred to historical cost accounting in practice. Yet voluntary IFRS adopters constitute only a small percentage of the global population of firms, which implies that either practitioners behave irrationally or the benefits are incorrectly estimated by academics. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation. All EU member states were required to adopt these two directives but did so at different points in time. However, the effect of PTR on the actual prices paid by insured patients is limited to the relatively small fraction of patients that have the greatest incentives to directly consider the costs of care. REVISION: Proactive Financial Reporting Enforcement and Firm ValueDate Posted:Tue, 13 Jun 2017 05:14:48 -0500We examine the effect of increasing the intensity of proactive enforcement of financial reporting regulation on equity values. We find evidence consistent with standard setters playing such a role, but less so over time. We find a significant increase in the proportion of liquid assets invested in equity, both when a households own country adopts the regulation and when other countries adopt the regulation. We also find that lender-specific shocks after the contract is in place affect investments, and that this effect varies depending on the composition of the covenants in place. Contracts cannot anticipate all future contingencies and, therefore, cannot specify optimal accounting treatments or necessary adjustments to GAAP in many eventualities. REVISION: Accounting Information in Financial Contracting: The Incomplete Contract Theory PerspectiveDate Posted:Tue, 13 Oct 2015 02:55:28 -0500The central question in accounting literature on financial contracting is: how does the reliance on accounting information in contracts facilitate transactions between financiers and those who require financing? We find significant increases in the proportion of liquid assets invested in equity both when a households own country adopts the regulation and when other countries adopt the regulation. REVISION: Proactive Financial Reporting Enforcement and Shareholder WealthDate Posted:Wed, 06 Mar 2019 08:16:00 -0600We examine the effect of increased proactive-financial-reporting-enforcement (PFRE) on shareholder wealth. We find that financial institutions respond to payment default shocks by shifting the composition of financial covenants towards performance-based covenants (away from capital-based covenants) in newly signed credit agreements. You enter your start time and a few other pieces of information and the spreadsheet does the rest. We find that a fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.3% on average. The Capital-Market Effects of Mandatory IFRS AdoptionDate Posted:Mon, 02 Sep 2013 12:28:21 -0500Barth and Israeli (2013) raise five serious concerns regarding the research design and interpretation of Christensen, Hail, and Leuz (2013). Just off the dining area you'll find a closed in room for an . REVISION: Incentives or Standards: What Determine Accounting Quality Changes Around IFRS Adoption?Date Posted:Tue, 25 Dec 2007 23:21:49 -0600We document accounting quality improvements following voluntary IFRS adoption. REVISION: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and EnforcementDate Posted:Wed, 12 Feb 2014 01:55:36 -0600This paper examines the economic effects of changes in securities regulation. REVISION: Policeman for the World: The Rise in Extraterritorial FCPA Enforcement and Foreign InvestmentDate Posted:Thu, 20 Feb 2020 09:27:52 -0600Using insights gained from Foreign Corrupt Practices Act (FCPA) enforcement actions against corporations from 1977 to 2017, we show that a mid-2000s increase in US extraterritorial FCPA enforcement, characterized by international cooperation and prosecutions based on the FCPAs recordkeeping provisions, has a significant deterrent effect on foreign direct investment by non-US firms in high-corruption-risk countries. Overall, our results indicate that securities regulation can increase household equity ownership, particularly where trust in others is low. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were required to adopt these two directives but did so at different points in time. REVISION: Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and EnforcementDate Posted:Wed, 05 Sep 2012 18:28:24 -0500This paper examines capital market effects of changes in securities regulation. Print Entire Page Print Content Only REVISION: The Effects of Price Transparency Regulation on Prices in the Healthcare IndustryDate Posted:Wed, 12 Mar 2014 09:12:59 -0500Policymakers have enacted price transparency regulations in over thirty states during the past decade as an attempt to control rising healthcare costs. REVISION: Contracting on GAAP Changes: Large Sample EvidenceDate Posted:Tue, 04 Oct 2016 13:31:27 -0500We explore revealed preferences for including versus excluding the changes to GAAP in credit agreements issued by U.S. publicly traded firms over the period from 1994 to 2012. What part of the page would you like to print? . 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