Regulators typically assume that public financial disclosure is necessary for the efficient functioning of capital markets. Economists recognize that other mechanisms, such as insurance, can mitigate problems occurring when buyers have less information than sellers. We examine whether public...

Regulators typically assume that public financial disclosure is necessary for the efficient functioning of capital markets. Economists recognize that other mechanisms, such as insurance, can mitigate problems occurring when buyers have less information than sellers. We examine whether public...

This study explores whether unionized municipalities use aspects of governmental (or “fund”) accounting to obscure the amount of resources available through the use of fund balance accounts. I first investigate whether governments with unions report more resources outside of the general...

We compare characteristics of municipal debt issues in states that mandate GAAP for municipalities with issues in states that impose no annual financial disclosure requirements. Cross-sectional comparisons indicate that the use of public (versus private) debt is greater, and municipal debt costs...

We investigate the impact on strategic alliance value when auditors have greater knowledge and experience in auditing contractual alliances. Although common and economically significant, contractual alliances often fail due to uncertainty, lack of trust, and poor culture matches between alliance...