We examine the effect of individual wealth taxes on dividend policy. Using a comprehensive sample of European public firms from 26 countries, we document that wealth taxes paired with substantial increases in stock prices are associated with significantly larger dividend payouts. This pattern is...

Using a sample of illiquid assets we provide evidence of the delay of updating fair values of individual assets reported in financial statements (delayed updating). Although we find that some delayed updating is due to a lack of information, we find more evidence consistent with intentional...

We investigate the timeliness of fair value updates. We use a sample of firms required to disclose quarterly fair values for individual investments that use unobservable inputs and find evidence consistent with delayed updating and, on average, asymmetric incorporation of upward revaluations...

This study examines how aggregation in financial reporting leads to information loss using a sample of firms that report individual financial assets. The level of information loss increases with the level of aggregation; however, combining assets with similar risk-factor exposures mitigates this...

This paper examines the reliance on ESG metrics in executive compensation contracts. In our sample of international publicly traded firms, a rapidly growing fraction incorporate ESG metrics in the compensation schemes of their top executives. Our analysis links the reliance on these metrics to...

We show corporate-level real, financial, and (bank) risk-taking effects associated with calculating loan provisions based on expected—rather than incurred—credit losses. For identification, we exploit unique features of a Colombian reform and supervisory, matched loan-level data. The...

Este trabajo estudia las características empresariales que favorecen la correcta aplicación de las obligaciones contables sobre información financiera de sociedades privadas no financieras e ilustra cómo el crédito bancario ayuda a ello. Nuestros análisis se basan en una singular...