Article history: Received 17 July 2014 Received in revised form 18 March 2015 Accepted 2 April 2015 Available online 9 April 2015 This study investigates whether earnings management reduces the level of value relevance and whether good corporate governance restrains earnings management. Using hand-collected data comprising 1012 firm-year observations from all companies listed on the Shanghai SS...

Corporations in most countries are run by controlling shareholders, who have substantially smaller cash flow rights than their control rights in the firm. This separation of ownership and control allows the controlling shareholders to pursue private benefits at the cost of outside minority investors by diverting resources away from the firm and distorting corporate investment and payout policie...

In this paper, we challenge the view that foreign investors lead firms to adopt a shortterm orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the 2001-2010 period, we find instead that greater foreign institutional ownership fosters long-term investment in tangible, intangible, and human capital. Foreign institutional presence...

Article history: Received 9 May 2011 Received in revised form 24 October 2011 Accepted 1 November 2011 Available online 9 November 2011 We survey 290 LATAM firms on capital budgeting, cost of capital and capital structure issues. We analyze the results and compare them to those of other studies. We interpret differences according to special features characterizing both emerging markets and SME....

ABSTRACT We compare seven fraud prediction models with a cost-based measure that nets the benefits of correctly anticipating instances against costs borne by incorrectly flagging non-fraud firms. find even best trade off false to true positives at rates exceeding 100:1. Indeed, high number makes all considered too costly for auditors implement, in subsamples where misreporting is more likely. F...