Studies overcomes data limitations and analyses capital gains taxes using the 1989 RJR Nabisco leverage buyout as an example. Finds negative correlation between price and tax basis for the shares sold.

We examine whether application of International Accounting Standards is associated with higher accounting quality. The application of IAS reflects the combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find...

I identify issues that bank regulators need to consider if fair value accounting is used for determining bank regulatory capital and when making regulatory decisions. In financial reporting, US and international accounting standard setters have issued several disclosure and measurement and...

We scrutinize the role financial reporting for fair values, asset securitizations, derivatives and loan loss provisioning played in the Financial Crisis. Because banks were at the center of the Financial Crisis, we focus our discussion and analysis on the effects of financial reporting by banks....

This paper analyzes the effects of risk-based capital (RBC) on life insurers' investment portfolio management. We test for RBC-induced portfolio adjustments by comparing the 1993 change in investment portfolio balances for 1,495 stock life insurers, dichotomized by RBC capitalization, with the...

This paper examines the 1989–1993 publicly available financial reports of 46 U.S.-based multinationals to estimate the revenue implications of implementing a U.S. federal formula apportionment system. Ignoring behavioral responses, we estimate shifting to an equal-weighted, three-factor...