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Cai, Ye - 2015

We examine merger and acquisition (M&A) transactions in which the acquirer and the target share a common auditor. We predict that a common auditor can help merging firms reduce uncertainty throughout the acquisition process, which allows managers to more efficiently allocate their capital,...

Persistent link: https://www.econbiz.de/10013029760

The Consequences of Mandatory Corporate Sustainability Reporting

Ioannou, Ioannis; Serafeim, George - 2017

A key aspect of the governance process inside organizations and markets is the measurement and disclosure of important metrics and information. In this chapter, we examine the effect of sustainability disclosure regulations on firms’ disclosure practices and valuations. Specifically, we...

Persistent link: https://www.econbiz.de/10014184153

What Drives Corporate Social Performance? The Role of Nation-level Institutions

Ioannou, Ioannis; Serafeim, George - 2013

Based on Whitley’s “National Business Systems” (NBS) institutional framework (Whitley 1997; 1999), we theorize about and empirically investigate the impact of nation-level institutions on firms’ corporate social performance (CSP). Using a sample of firms from 42 countries spanning seven...

Persistent link: https://www.econbiz.de/10014044821

The Consequences of Mandatory Corporate Sustainability Reporting

Ioannou, Ioannis; Serafeim, George - 2018

Persistent link: https://www.econbiz.de/10014116338

Transaction Costs and Competition among Audit Firms in Local Markets

Chu, Ling - 2017

We develop a measure to capture an audit firm's competitive position in a local audit market based on the transaction costs of changing audit firms included in DeAngelo's (1981) multi-period audit pricing model. Our competition measure reflects the size difference between the largest audit firm...

Persistent link: https://www.econbiz.de/10012973609

Call of the Wild : Generational Accountability of the Global Commons

Klumpes, Paul J. M. - 2021

This paper analyses the generational accountability of the global commons, grounded in an environmental ethical … global commons. environmental ethical responsibility heuristic framework analyses various ethical dimensions of the GOMOS in … exclusively within a US legal and moral community. Subsequently, NGOs exploited the incident to influence broader global commons …

Persistent link: https://www.econbiz.de/10013220772

A Revision Game of Experimentation on a Common Threshold

Chen, Yi - 2019

A revision game of experimentation is examined in which players search for an unknown threshold. Players encounter individual random opportunities to revise actions. Lower actions save flow cost, but the player whose action falls below the threshold suffers a costly breakdown and exits the game....

Persistent link: https://www.econbiz.de/10012896635

Trading Costs and Informational Efficiency

Dávila, Eduardo - 2017

We study the effect of trading costs on information aggregation and information acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness does not depend on the level of...

Persistent link: https://www.econbiz.de/10012967735

From Implicit to Explicit : The Impact of Disclosure Requirements on Hidden Transaction Costs

Cuny, Christine; Even-Tov, Omri; Watts, Edward M. - 2021

This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit disclosure, investors can estimate their...

Persistent link: https://www.econbiz.de/10013239999

Searching Out of Trading Noise : A Study of Intraday Transactions Cost

LIn, William T. - 2011

We attempt to identify in this paper the role of trading noise as a transactions cost to market participant in the sense of Stoll (2000), especially in the presence of trading concentration. Applying the measures of Hu (2006) and Kang and Yeo (2008), we analyze the noise proportion in intraday...

Persistent link: https://www.econbiz.de/10013130011