The international financial reporting literature identifies a multitude of country attributes that each appear to explain financial reporting differences around the world. We first show that a single underlying factor explains across-country variation in 6 reporting quality measures used in the...

We study how distress-oriented hedge funds (vulture funds) play an important role in the fresh start valuation of firms emerging from Chapter 11 reorganization. We find that loan-to-own vultures acquire debt positions of the distressed firm that grant dominant power in the bankruptcy...

We develop and test accounting-based valuation models for commercial banks. We extend Begley et al.'s (2006) framework and propose a valuation model where goodwill is generated by virtually all commercial and investment banking activities. Key features of our model are: the development of a...

In this paper, we investigate how firm reporting incentives and institutional factors affect accounting quality in firms from 26 countries. We exploit a unique multi country setting where firms are required to comply with the same set of international reporting standards. We develop an approach...

For the period of 2006 to 2008, we collect Comment Letters issued by the SEC that question the application of US GAAP by US firms or the application of IFRS by European firms registered with the SEC. We investigate whether institutional investors react to the letters by changing their holdings...