We investigate the relationship between auditor brand name, industry specialisation, and earnings management as measured by discretionary accruals for a sample of listed companies in Taiwan, where the litigation risk against auditors is much less than the risk in the USA. We find that the use of...

We investigate the relationship between auditor brand name, industry specialisation, and earnings management as measured by discretionary accruals for a sample of listed companies in Taiwan, where the litigation risk against auditors is much less than the risk in the USA. We find that the use of...

This paper investigates the association between management turnover following financial restatements and the probability of subsequent restatements. We find that restating firms that replace management (CEO and/or CFO) are more likely to restate their financial statements again. We also find...

Mounting evidence from the literature points to the existence of covariance asymmetry for financial assets. That is, conditional volatility and correlation of financial returns tend to rise more after negative return shocks than after positive ones of the same size. This paper extends the...

We tests two important implications for Real Estate Investment Trust (REIT) market efficiency from the adaptive markets hypothesis (Lo, 2004): first, market efficiency is not an all-or-none condition but is a characteristic that varies continuously over time; second, market efficiency is...

In 1957 Chicago enacted a Comprehensive Amendment to the Chicago Zoning Ordiance of 1923. In contrast to the hierarchical zoning of the 1923 ordinance, the 1957 ordinance made each zoning category exclusive and mandated the removal of non-conforming uses. This study examines land parcels at the...

This paper studies the issue of modeling conditional covariance for a mixed-asset portfolio consisting of stock, bond, and REITs. We examine the performances of six commonly used covariance estimators. We find that no single estimator delivers the best performance when a wide range of...