We propose that the value of the earnings reporting process as an information source lies in limiting delays in the release of bad news either by inducing managers to disclose it voluntarily, or by directly releasing the negative news that managers have incentives to withhold. We compare...

We examine the effect of large shareholders׳ ex ante selling incentives on firms׳ voluntary disclosure choices in the setting of IPO lockup expirations. We find evidence that managers delay disclosures of bad news, not for their own benefit, but to enable influential pre-IPO shareholders to...

In a sample of 102 non-European Union countries, we study variations in the decision to adopt International Financial Reporting Standards (IFRS). There is evidence that more powerful countries are less likely to adopt IFRS, consistent with more powerful countries being less willing to surrender...

I examine the impact of exogenous changes in stock prices on voluntary disclosure. Specifically, I investigate whether stock price declines prompt managers to voluntarily disclose firm-value-related information (management forecasts) that was withheld prior to the decline because it was...

According to conventional wisdom, family ownership, which signals a lack of social capital and trust in an economy, may impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist institutions that promote innovation. Using a comprehensive...

Although quite a lot is known about the economics of war and conflict,rather less is known about the economics of peace. In this article we address the question - What are the major factors likely to lead countries toward peacefulness? We categorize these factors in three groups: economic,...

Although quite a lot is known about the economics of war and conflict,rather less is known about the economics of peace. In this article we address the question - What are the major factors likely to lead countries toward peacefulness? We categorize these factors in three groups: economic,...