The adoption of the new International Financial Reporting Standards (IFRS), by allowing the option of fair value accounting for real estate investment properties, has dramatically altered the landscape of financial reporting for real estate firms worldwide. In this exploratory study, by...

The Chinese iron and steel industry of 1987 is described in terms of energy consumption and production statistics and compared with the U.S. industry to clarify the major differences. The Chinese industry includes many plants which are extremely small by U.S. standards and use antiquated...

This paper describes a theoretical model for incentive and control within the framework of the advertising agency-client relationship. This particular interorganizational relationship has been characterized by frequent disagreements, discontent and resignation of accounts by both sides. For many...

We examine the association between real earnings management and the cost of new bond issues of U.S. corporations. We consider three types of real earnings management: sales manipulation, overproduction, and the abnormal reduction of discretionary expenditures. We find that overproduction impairs...

We investigate the effect of board governance and takeover protection on real earnings management. Four types of real earnings management are considered: sales manipulation, overproduction, the abnormal reduction of research and development (R&D) expenses, and the abnormal reduction of other...

Using a sample of non-U.S. firms from 22 countries during 2003–2007, we examine the effect of firm-level governance on various features of loan contracting in the international loan market. We find that banks charge lower loan rates, offer larger and longer-maturity loans, and impose fewer...

While the Real Estate Investment Trusts (REITs) industry is traditionally viewed as a cash flow business, REIT investors have also relied on Funds from Operations (FFO) and net income to evaluate company performance. In this study, we compare FFO and net income by examining how well these two...

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...