Following this increase in enforcement, FCPA firms reduce their direct investments in corrupt countries; there is no evidence that non-FCPA firms offset this reduction. Additional evidence suggests that the inclusion in financial reports, rather than unobservable factors associated with regulatory intervention, drives these effects. While this evidence is broadly consistent with an efficiency role for GAAP changes in debt contracting, it is also consistent with a shift in standard setters focus offering a partial explanation of why fewer contracts rely on GAAP changes in 2012 than in 1994. Further evidence indicates that the reduction in charge prices is concentrated where competition among providers is most intense and that this reduction is attributable to a decline in the prices charged by the highest priced providers. School Hours - Middle School Page - Hans Christensen Middle School School Hours - Middle School School Hours Monday, Tuesday, Thursday and Friday 8:35 a.m. to 2:58 p.m. Wednesday 8:35 a.m. to 1:23 p.m. School Office Hours Monday - Friday, 7:45 a.m. to 3:45 p.m. Using micro data on actual healthcare purchases, and exploiting both between- and within-state variation to address endogeneity concerns, we find that PTR reduces the price charged for common, elective medical procedures by approximately 5% and increases the sensitivity of demand to a 1% change in charge prices by 0.5%. For technical questions and comments regarding this website, including accessibility concerns, please contact the Webmaster. It draws on an extensive review of the relevant academic (CSR and non-CSR) literatures in accounting, economics, finance, and management. To directly explore the mechanism through which households willingness to directly invest in the equity market increases, we show that the effect of securities regulation is stronger in countries where trust is low and between countries where cultural biases are most pronounced. REVISION: Policeman for the World: U.S. Enforcement of Foreign Corruption Regulation and Corporate Investment PoliciesDate Posted:Mon, 05 Aug 2019 03:57:18 -0500We provide evidence on the determinants and targets of US enforcement of the Foreign Corrupt Practices Act (FCPA) and study the Acts impact on firms investment policies. REVISION: Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and EnforcementDate Posted:Mon, 02 Jan 2012 01:11:38 -0600This paper examines capital market effects of changes in securities regulation. In general, we find a very limited use of fair value accounting. In this setting we examine whether the mandatory IFRS reconciliations convey new information beyond the existing local GAAP and how firms exercise their discretion in timing the disclosure of this information. This trend is positively associated with proxies for standard setters shift in focus toward relevance and international accounting harmonization. Firms with fundamental characteristics that make it more difficult to maintain effective internal controls invest less in high-corruption-risk countries, suggesting regulatory compliance costs play an important role in deterring investment. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. 7:00 PM - 8:00 PM This trend has a positive association with proxies for the standard setters shift in focus towards relevance and international accounting harmonization. For comparability with previous studies, we assess accounting quality through multiple constructs such as earnings management, timely loss recognition, and value relevance. REVISION: The Only Prescription is Transparency: The Effect of Charge-Price-Transparency Regulation on Healthcare PricesDate Posted:Thu, 01 Nov 2018 04:41:46 -0500We examine the effect of charge-price-transparency regulation (PTR)a common policy solution intended to curb rising healthcare costson hospitals prices. All EU member states were required to adopt these two directives, but did so at different points in time. REVISION: Proactive Financial Reporting Enforcement and Shareholder WealthDate Posted:Thu, 08 Aug 2019 03:47:33 -0500Within the U.K.s proactive financial-reporting-enforcement regime, we examine the effect of increased regulatory scrutiny on equity values. Our research design compares the cross-border migration of accounting professionals relative to tightly-matched other professionals before and after regulatory harmonization. Hans Christensen's current research primarily focuses on the effect on society of regulation aimed at incentivizing firms to act socially responsible. REVISION: Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature ReviewDate Posted:Mon, 17 May 2021 09:57:40 -0500This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. REVISION: Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?Date Posted:Fri, 07 Jun 2013 15:23:42 -0500The choice between fair value and historical cost accounting is the subject of long-standing controversy among accounting academics and regulators. The liquidity effects around IFRS introduction are concentrated in the European Union (EU) and limited to five EU countries that concurrently made substantive changes in reporting enforcement. The decrease in investment is at least as large for non-US as for US firms, suggesting that widespread extraterritorial enforcement helps to create a level foreign-investment playing field. Science Odyssey 2023 and the Trashion Show are open for registration. This study aims to distinguish between several potential explanations for the observed capital-market effects. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. (this issue) takes a different approach by focusing on the effect of disclosure rules in a narrow sample of U.S. and Canadian oil and gas companies. Exploiting both between- and within-state variation to address endogeneity concerns, we find that PTR causes providers to reduce charges by approximately 6%. Consistent with proprietary costs of increased transparency partly explaining the effect, firms with abnormally high profits experience the largest reductions in equity value and, in industries selected for increased regulatory scrutiny, profitability mean reverts faster after PFRE. In turn, these changes in covenants constrain future investments among relationship borrowers. This website uses cookies to ensure the best user experience. Academics Find Significant Benefits and the Costs AppearDate Posted:Fri, 09 Mar 2012 12:23:41 -0600Kim and Shi (this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal a conclusion that is similar to many published papers on IFRS adoption. The Effect of Debt ContractingDate Posted:Fri, 16 Oct 2009 11:10:01 -0500We examine whether UK GAAP to IFRS earnings reconciliations convey information. Both U.S. companies and foreign companies under U.S. jurisdiction headquartered in countries that agree to increase cooperation with U.S. regulators (FCR firms) experience an increase in FCPA prosecutions in the mid-2000s, particularly for violations of the Acts accounting provision. Email Settings. REVISION: The Effects of Price Transparency Regulation on Prices in the Healthcare IndustryDate Posted:Wed, 12 Mar 2014 09:12:59 -0500Policymakers have enacted price transparency regulations in over thirty states during the past decade as an attempt to control rising healthcare costs. The decrease in investment is at least as large for non-US as for US firms, suggesting that widespread extraterritorial enforcement helps to create a level foreign-investment playing field. We also find that lender-specific shocks after a contract is in place affect investments, and that this effect varies depending on the composition of the covenants in place. Open House Schedule. This setting enables us to identify the incentives of firms based on their own assessments of net benefits from IFRS adoption. Most, if not all, of the information included in these disclosures was already publicly available, which allows us to examine the incremental effects of including the information in financial reports. REVISION: Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?Date Posted:Mon, 12 Nov 2012 16:28:09 -0600The choice between fair value and historical cost accounting is the subject of long-standing controversy among accounting academics and regulators. The only way to guarantee your CMS 2022-2023 yearbook order is to purchase one from the Herff Jones Yearbook Order Center. Its primary objective is to discuss how the use of accounting information in contracts enhances contracting efficiency and to suggest avenues for future research. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. We also provide evidence that feedback effects from equity markets are a potential mechanism through which the dissemination of information leads to real effects. Han Christensen Middle School: Select: 04 108689 : 67116-29: Hans Christensen Middle School (previously Menifee Middle School # 3) Select: 04 118916 : 67116-0066: Harvest Hill S.t.e.a.m. This contractual incompleteness opens the scope for opportunistic behavior in unanticipated states, which, being rationally anticipated at contract initiation, distorts the allocation of economic resources. We argue that incomplete contract theory broadens our understanding of both the role accounting information plays in contracting and the mechanisms through which efficiency gains are achieved. Contrary to prior research on the impact of FCPA enforcement against US firms only, our evidence suggests that extraterritorial enforcement reduces both the FCPAs anticompetitive impact on US firms and aggregate foreign direct investment in high-corruption-risk countries. REVISION: Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?Date Posted:Wed, 06 Jun 2012 04:58:54 -0500Whether fair value dominates historical cost accounting in a market for accounting practices is an important question subject to much controversy among academics and regulators. REVISION: The Effects of Charge-Price Transparency Regulation on Prices in the Healthcare IndustryDate Posted:Tue, 13 Oct 2015 03:28:34 -0500Using micro data on actual healthcare purchases, we provide evidence on the causal effects of charge-price transparency regulation (PTR). We find that, although PTR causes providers to reduce charges by approximately 6%, these reductions do not lead to lower actual payments. It is based on an extensive review of the academic literature in accounting, economics, finance, and management. REVISION: Do IFRS/UK-GAAP Reconciliations Convey New Information? REVISION: Incentives or Standards: What Determine Accounting Quality Changes Around IFRS Adoption?Date Posted:Sun, 09 Sep 2007 20:46:18 -0500We document accounting quality improvements following voluntary IFRS adoption. In a setting where specific industries are periodically targeted for greater regulatory scrutiny, we find that PFRE is associated with increased disclosure, greater resources expended on regulatory compliance, and higher stock-market liquidity. REVISION: Accounting Information in Financial Contracting: The Incomplete Contract Theory PerspectiveDate Posted:Tue, 01 Mar 2016 09:48:12 -0600This paper reviews theoretical and empirical work on financial contracting that is relevant to accounting researchers. Using a setting in the United Kingdom where a securities regulator periodically selects specific market sectors for increased scrutiny, we find that an approximately fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.5%. 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