The last quarter of the 20th century was a period sustained economic growth across many countries. Countries’ institutional arrangements have been commonly employed as factors in convergence studies and income levels. However, issue whether institutions themselves converge has under-researched. Using nonparametric distribution dynamics approach sample 194 countries during 1980-2010 period, we...

SYNOPSIS: The push for increased transparency in financial reporting and corporate governance serves the shareholders only up to a limit. The problem of assessing the value of transparency to the shareholders is subtle because both the level and pattern of earnings can convey information. Even when earnings management conceals information, it can be beneficial to shareholders. Distinguishing be...