We provide the first direct analysis of the reliability of the quantitative information disclosed in Corporate Social Responsibility (CSR) reports. We examine the frequency, magnitude and determinants of CSR report restatements for the Global Fortune 250 (G250) from 2006 to 2013. During this...

Approximately 60% of adjacent fiscal quarters contain a different number of calendar days. Our preliminary results indicate it is important for analysts to adjust for changes in quarter length when making forecasts. However, we find the quarterly change in days is positively associated with...

Recent research suggests that the stock market reacts to stale information if it is reported in the media because it is gives the impression of being “new” news. The objective of this study is to provide a unique test of this hypothesis using the time-series properties of quarterly earnings....

The term “audit style” is used to characterize the unique set of internal working rules of each Big 4 audit firm for the implementation of auditing standards, and the enforcement of GAAP within their clienteles. Audit style implies that two companies audited by the same Big 4 auditor,...

We examine the performance and portfolio characteristics of actively managed equity funds impacted by top management turnover. Utilizing a unique database of monthly portfolio holdings, our study finds that post-replacement, previously poor performing funds experience improved returns. However...

This study examines the extent to which seasonal variation arises across calendar months in the performance of active Australian equity managers. While it is well documented that there is seasonality in equity market returns, it is unknown whether calendar month variation in managed fund...

We use a long time-series from Australia to investigate the determinants and (to a lesser extent) consequences of audit market concentration. We show that increasing skewness in the size of public companies is associated with increased audit market concentration, and that the growth of the large...

This study utilizes a unique database comprising the daily transactions of institutional Australian equity managers to examine whether active investment managers realize abnormal returns from earnings announcements, the nature of the trading strategies employed to generate these abnormal...

In this study we address the ongoing debate as to whether the competition among the world's major exchanges through simplified disclosure requirements is justified. Companies from across the globe have a choice of cross-listing shares as either American or Global Depositary Receipts (ADRs and...