Many observers have argued that the fall in RMBS prices during the crisis was partly caused by fire sales. We provide an explanation for why financial institutions may have engaged in fire sales using a unique dataset of RMBS transactions for insurance companies. We show that risk-sensitive...

The international accounting standardisation crisis is not a strictly technical crisis linked to a bad application of the fair value criteria, but an intellectual crisis related to the conceptual framework and its underlying episteme. This framework, from which international standards issue, is...

We examine the effects of CEO turnover in banks. Incoming bank CEOs face problems from information asymmetry because banks' operations are opaque and bank risk can change dramatically in a short time. Incoming bank CEOs may therefore change bank policies to manage their personal risks. Since CEO...

The ripples of the 2007 financial crisis are still felt in many economies. Taking advantage of hindsight, this paper examines the factors that facilitated the occurrence of the crisis and how the crisis was managed. It uses the concept of accountability in the private and public sectors of the...

The financial crisis has highlighted the necessity of discussions on the adequacy of banking regulation and accounting standard-setting for financial institutions. We compare the development of several variables in this context between commercial banks, cooperative banks and savings banks from...

The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight four important issues as an...

The article studies the provisions in the metallurgical industry – the number of financial statements disclosing provisions and the amount of provisions disclosed in financial statements. The aim of article is both to presents the provisions disclosed in the financial statements and to...

Using the recent financial crisis as a natural quasi-experiment, we test whether and to what extent conservative accounting affects shareholder value. We find that there is significantly positive and economically meaningful relation between conservatism and firm stock performance during the...