In December 2004, the Financial Accounting Standards Board (FASB) mandated the use of a fair value based measurement attribute to value employee stock options (ESOs) via FAS 123-R. In anticipation of FAS 123-R, between March 2004 and November 2005, several firms accelerated the vesting of ESOs...

We examine (i) whether the business practices of Berkshire Hathaway investees are consistent with Warren Buffett's public statements on what constitutes good accounting, governance and investing practices and (ii) whether these practices are associated with Berkshire's initial “selection” or...

A growing literature investigates the association between stock return variation and several aspects of information and governance structures, both in cross-country settings and cross-firm settings within the U.S. Several papers in this literature use idiosyncratic stock return volatility...