The adoption of the new International Financial Reporting Standards (IFRS), by allowing the option of fair value accounting for real estate investment properties, has dramatically altered the landscape of financial reporting for real estate firms worldwide. In this exploratory study, by...

U.S. Real Estate Investment Trusts are required by federal law to distribute 90% of taxable income as dividends to common shareholders. We examine if firms subject to a binding dividend constraint, engage in real earnings management (REM) to reduce taxable income to meet dividend requirements....

We investigate how a high degree of audit market concentration and auditor reputation affect audit quality. Using audit adjustments to student loan loss provisions in government audits to construct a new measure for excessive audit conservatism, we show that an audit market monopoly leads to...

Focusing on closed-end investment funds, this paper examines whether the value relevance attached to the fair value estimates is influenced by the type of investment being held. Our premise is that the fair values of different investment types rely on different valuation models and imply...

We quantitatively measure the interactions between discretionary consumption and the stock market. We use daily theatrical box office earnings as a proxy for discretionary consumption and document a statistically significant positive association between changes in box office earnings and daily...

We investigate an emerging pay-performance activism under a natural setting of performance-focused shareholder proposals rule (PSPs) (Rule 14a-8) established by the Securities and Exchange Commission (SEC) for top management compensation. We find that: (1) PSP sponsors successfully identify...

For random allocation, whether a desirable rule exists hinges on the domain of agents' preferences, whose formation is affected by how objects are presented. We hence propose a model studying how to present objects so that the induced preference domain allows for designing a good rule. Motivated...