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Corporate Governance and the Cost of Equity Capital
Separation of ownership and control in firms creates information asymmetry problems between shareholders and managers that expose shareholders to a variety of agency risks. This paper investigatesExpand
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Internal Control Over Financial Reporting and Managerial Rent Extraction: Evidence from the Profitability of Insider Trading
This paper examines the association between ineffective internal control over financial reporting and the profitability of insider trading. We predict and find that the profitability of insiderExpand
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Audits as a Corporate Governance Mechanism: Evidence from the German Market
The purpose of this study is to investigate the corporate governance role of external audits in a setting where companies traditionally rely more on debt than equity capital. We partition the GermanExpand
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Target Financial Reporting Quality and M&A Deals That Go Bust
This study investigates the role of financial reporting quality in merger and acquisition (M&A) deals that are ultimately terminated, i.e., go bust. If a target is a U.S. publicly-traded company, anExpand
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Does Stock Price Synchronicity Represent Firm-Specific Information? The International Evidence
Note: This paper has been superseded by Gassen, LaFond, Skaife and Veenman: Illiquidity and Stock Price Synchronicity, http://ssrn.com/abstract=2405465. Much of prior international accountingExpand
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The Cross-Country Comparability of IFRS Earnings and Book Values: Evidence from France and Germany
ABSTRACT: Beginning in 2005, the EU began requiring consolidated financial reports of publicly traded firms to be prepared in accordance with EU-endorsed International Financial Reporting StandardsExpand
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Earnings Smoothing, Governance and Liquidity: International Evidence
We examine the relation between earnings smoothing, governance and liquidity for a sample of non-U.S. firms. We divide smoothing into innate and discretionary components, and find that discretionaryExpand
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Corporate Lobbying and CEO Pay
This study examines the agency costs of corporate lobbying by exploring the relation between lobbying and excess CEO compensation. We show that CEOs of firms engaged in lobbying earn significantlyExpand
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Does Stock Price Synchronicity Reflect Information or Noise? The International Evidence
Prior research asserts that stock price synchronicity, defined as the R2 from asset pricing regressions, is a useful measure of the relative amount of firm-specific information reflected in stockExpand
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