ABSTRACT Complex disclosures have long been a major source of borrowers’ poor understanding mortgages. We examine the effect simplifying mortgage in difference-in-differences design around significant disclosure rule mandated by Consumer Financial Protection Bureau 2015. find that inexperienced borrowers (first-time home buyers) pay significantly lower interest rates after regulation than exper...

ABSTRACT Insurance pricing is subject to stricter regulation in some states than others. This cross-sectional variation, coupled with the occurrence of staggered deregulation several states, enables a powerful test political cost hypothesis that managers manipulate accruals mitigate adverse effects rate regulation. We show insurers understate their loss reserve more regulated regimes, finding c...

ABSTRACT We examine how investment professionals assess the usefulness of financial accounting information depending on their acquisition objectives and preparers' earnings management incentives. conduct a survey experiment based face-to-face interviews with document two main results. First, we find that, compared assigned firm valuation objective, those managerial performance evaluation object...

SUMMARY We examine whether audit engagements where the client has never switched auditors (original auditors) are associated with different fee and quality outcomes, relative to that have experienced an auditor change. document clients original accrue nontrivial savings. Further, we find lower levels of discretionary accruals likelihood misstatements, implying higher quality. also investors app...

Financial markets have been developed rapidly in recent years. New and sophisticated financial tools have been the cause of these developments which need new controlling systems to prevent crisis. Most of industrial economies have reformed regulatory structure of their financial systems. This paper reviews the regulatory developments of UK in this regard and offers new regulations and ...

This paper has investigated a possible relationship between credit market structure and bank development in Iran and selected developing countries, using a panel regression analysis. Accordingly, the bank development index is proxied by the allocated credits to private sector, while a dummy variable has been defined as a proxy for credit market. To estimate the regressions, we have used data of...

A (λKv, G)-design is a partition of the edges of λKv into subgraphs each of which is isomorphic to G. In this paper, we completely solve the case when G = G18 (G18 is notation from Bermond, Huang, Rosa and Sotteau, Ars Combin. 10 (1980), 211–254) and prove that the necessary condition λv(v− 1) ≡ 0 (mod 14) for the existence of a (λKv, G18)-design with any positive integer λ is also sufficient e...

This article examines exchange rate-based stabilization in an economy that has been badly destroyed by war or other calamities. The article does this in the context of post-civil war Lebanon. Both Iraq and Afghanistan are prime candidates for such a policy. This article first demonstrates the validity of the theory and empirical regularities (initial boom followed by an economic contraction) in...