We develop a model along the lines of Niskanen, articulating that under a soft government budget constraint the full production cost of the public good is not reflected in the tax price as perceived by the consumer-taxpayer-voter. Various proportions of non-tax financing and different degrees of...

This paper presents a critical analysis of empirical comprehensive income research, the majority of which consists of value relevance studies. The first part of the analysis focuses on the functional form of the value relevance regressions. The paper distinguishes between the informational and...

Exploring a unique database on insider trading in Belgium, we investigate whether high-quality corporate communication contributes to reducing insider trading profitability and information asymmetry. Using disclosure scores of professional financial analysts as a proxy for communication quality,...