Background In 2008 a global financial crisis erupted. Even though auditors were not to blame for the financial crisis the public questioned how auditors could issue a clean bill of health despite the serious weaknesses. This made the Commission release the 2010 Green Paper on audit policy: Lessons from the Crisis. The Green Paper is a consultation paper which received around 700 replies from va...

This study investigates experimental financial markets in which firms possess more information than do potential investors. Firms were given opportunities to undertake positive net present value projects which they could either forgo or finance by selling equity. Auctions were conducted among the investors for the right to finance the projects. When the theoretical equilibrium was unique, theor...

We study brokerage account data from China to study investing behavior and trading performance in an emerging market. Chinese stock markets are new, so we assume that Chinese investors are less experienced about investing as compared to investors from more capitalistic oriented societies. We find that Chinese investors exhibit behavioral biases (i.e., they seem overconfident, inclined toward a ...

Foreign investment has an important influence on a country's economy, it is also considered to be more resilient crises because investors generally have long-term perspective when investing in country. However, the economic crisis Indonesia caused inflow of foreign direct experience drastic decline which led slowdown growth Indonesia. To increase interest again, necessary incentive policy order...

Abstract We provide evidence regarding mutual funds’ motivation to hold lottery stocks. Funds with higher managerial ownership invest less in stocks, suggesting that managers themselves do not prefer such The instead supports cater fund investors’ preference for In particular, funds more holdings attract larger flows after portfolio disclosure compared their peers, and poorly performing tend en...