The international accounting classification literature emphasises the importance of understanding how institutional factors shape accounting regulations and practices. With the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union and Australia in 2005,...

We structurally estimate an investment-based asset pricing model, where firms' exposure to macroeconomic risk is unknown. Bayesian beliefs about this parameter are updated from firms' and industry peers' comovement between their productivity and consumption growth. The model implies that...

Despite voluminous studies, the growth effects of international financial integration remain unresolved. Recent studies have shown that the effects depend on a wide variety of factors including the level of economic and financial development, the type of financial flows (debt or equity), the...