ASC 805 gives the management of an acquiring firm flexibility in valuation and the possibility of recognizing day one bargain purchase gains (BPG). BPG acquisitions occurred frequently in the financial services industry during the crisis of 2008 and some of these acquisitions were assisted by...

During the financial crisis of 2008, the debate on the accounting profession's role has focused mostly on mark-to-market accounting rules. We argue that there are other weaknesses in the accounting rules as applied to securitizations that pre-date the current crisis. The accrual system that...

Current society prioritizes clean energy production (CEP) to meet diverse energy needs and achieve sustainability. Current research involves different aspects of CEP, but comprehensive research is limited. Therefore, this paper aims to improve researchers' integrated understanding of the field...

The legislation known as Sarbanes Oxley (SOX) requires firms to assess their internal controls over financial reporting and to report material weaknesses, as defined by the Public Accounting Oversight Board. Based upon early evidence, we find that firms with material weaknesses are, on average,...

We examine how large mutual funds voted their proxies. Data concerning fund voting has recently become available in two new datasets. In the first, mutual funds are required to disclose their policies for making voting decisions. In the second, they are required to disclose how they actually...

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 as shareholders' agents. Thus, a potential for misaligned interests exists, requiring in turn incentive...

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, yet contradictory results create questions about the theoretical underpinnings. Therefore, we revisit the...