Institutional investors have limited resources dedicated to engagement activities, yet, in manycases they hold thousands of stocks in their portfolios. We exploit the introduction of the tieringclassification system by the Financial Reporting Council (FRC) in 2016 for signatories reportingunder...

We show that, contrary to popular belief, capital markets do not drive short-termism. By comparing public and private European firms in countries with different institutional infrastructures, we show that being listed in the stock market plays a positive role in a firm’s investment policies,...

This study investigates the potential real effects of accounting-based, self-imposed, regulation in sports. We focus on Financial Fair Play (FFP) regulation that was enacted in European football in 2013. The regulation imposed on clubs participating in UEFA competitions, a strict earnings-based...

We analyze a choice that parent firms face under IFRS: whether to account a business combination under a common control (BCUCC) at fair value or at the historical cost, to provide evidence that firms would use fair value when they believe it would help them issuing public debt. A BCUCC is a...

We examine how heterogeneity in organizational structure affects private firm earnings quality in the European Union. Organizational structure refers to whether the firm is organized as a single legal entity (standalone) or as a business group: the former are firms not controlling or controlled...

We find evidence consistent with Italian non-listed subsidiaries engaging in accrual and real earnings management, so that their listed parents can meet or beat benchmarks. Thus, the parent firm drives the earnings management of the subsidiaries.We identify parents that are more likely to have...