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Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data
Using financial accounting data from manufacturing firms in 16 countries for 1986-1995, we demonstrate that the value relevance of financial reports is lower for countries where the financial systemsExpand
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Ultimate Ownership, Income Management, and Legal and Extra‐Legal Institutions
This study provides evidence of the role of both legal and extra‐legal institutions in limiting the income management induced by the detachment of control rights from the cash flow rights of ultimateExpand
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Arbitrage Risk and the Book-to-Market Anomaly
This paper shows that the book-to-market (B/M) effect is greater for stocks with higher idiosyncratic return volatility, higher transaction costs and lower investor sophistication, consistent withExpand
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CEO Stock-Based Compensation: An Empirical Analysis of Incentive-Intensity, Relative Mix, and Economic Determinants
The use of stock-based compensation for U.S. CEOs has increased significantly throughout the 1990s. Research interest, in particular on stock option compensation, has similarly increased, yetExpand
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Corporate governance, top executive compensation and firm performance in Japan
For 174 large Japanese corporations during 1992–1996, we find that top executive pay is higher in firms with weaker corporate governance mechanisms, controlling for standard economic determinants ofExpand
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Accruals and Future Stock Returns: Tests of the Naïve Investor Hypothesis
We explore whether the association between accruals and future returns documented by Sloan (1996) is due to fixation by naïve investors on the total amount of reported earnings without regard for theExpand
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Compensation of Outside Directors: An Empirical Analysis of Economic Determinants
Little is known about the economic environments and determinants of the compensation arrangements for outside board members. As delegated monitors of corporate management, board members act asExpand
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The Value Relevance of Foreign Income: An Australian, Canadian, and British Comparison
In this paper we examine the value relevance of geographical earnings disclosures for firms listed and domiciled in Australia, Canada and the United Kingdom. We find that foreign earnings in allExpand
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Differences in Conservatism between Big Eight and Non-Big Eight Auditors
Auditors’ incentives to be conservative are likely to vary both cross-sectionally and over time based on their legal liability exposure. We predict that Big Eight (Six/Five) auditors are likely to beExpand
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