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. We find that international labor migration in the accounting profession increases significantly relative to other professions. 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. Our research design exploits this differential timing of the same regulatory change to identify the capital-market effects. Variation in the estimated treatment effect across hospitals suggests that reputational costs of perceived overcharging, rather than increased consumer search, explain the observed reduction in charges. "My research now focuses on why firms make these different choices and what the consequences are.". We exploit the revealed preferences in the choice to (not) adopt IFRS voluntarily to determine whether the management of individual firms had incentives to adopt IFRS. Regulatory harmonization should reduce economic mobility barriers, essentially making it easier for accounting professionals to move across countries. 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: The Real Effects of Mandatory Dissemination of Non-Financial Information through Financial ReportsDate Posted:Thu, 25 Feb 2016 01:53:37 -0600We examine the real effects of mandatory, non-financial disclosures, which require SEC-registered mine owners to disseminate their mine-safety records through their financial reports. To study this question, we analyze European Union initiatives that harmonized accounting and auditing standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. Homework Club, 1:35-2:30 p.m., MPR, 2:00 PM - 6:30 PM YMHFA for Parents and Staff. Overall, our findings provide a cautionary note transparency regulation focusing on an indicator that can be decoupled from the construct of interest might placate some stakeholders without actually solving the underlying problem. We find evidence consistent with lenders using stricter control rights because of concerns about capital depletion (a capital channel) and because of new information about lenders own screening ability (a learning channel). By discussing its rich theoretical implications, we expect incomplete contract theory to prove useful in motivating more research and in offering directions to advance our knowledge of how accounting information affects contract efficiency. We study the choice of fair value versus historical cost accounting for non-financial assets in a setting where market forces rather than regulators determine the outcome. Menifee Union Elementary is rated 7 out of 10 on greatschools.org. We find that, on average, market liquidity increases as EU countries tighten market abuse and transparency regulation. Based on a discussion of the fundamental economic forces at play and the key features and determinants of (voluntary) CSR reporting, we derive and evaluate possible economic consequences, including capital-market effects for select stakeholders as well as potential firm responses and real effects in firm behavior. However, the effect of PTR on the actual prices paid by insured patients is limited to the relatively small fraction of patients that have the greatest incentives to directly consider the costs of care. This setting enables us to identify the incentives of firms based on their own assessments of net benefits from IFRS adoption. Print Entire Page Print Content Only This year Science on Saturday has a new location the campus of Las Positas College. These safety records are already publicly available elsewhere, which allows us to examine the incremental effects of including information in financial reports. class schedule; classified ads; Classifieds; Claudell Walter; Claudia Cooley; Clear the Shelters Day; . This includes the effect of transparency regulation on healthcare prices and labor safety, as well as, foreign corruption regulation on economic development. We exploit plausibly exogenous variation in the payment defaults experienced by lenders outside the borrowers region and industry. We show that, across all countries, mandatory IFRS reporting had little impact on liquiditNew PDF Uploaded. Bell Mountain Middle School. REVISION: Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?Date Posted:Wed, 15 Sep 2010 11:54:05 -0500We study managers revealed preferences for fair value or historical cost accounting for non-financial assets when market forces, rather than regulators, determine the choice. 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. Requests for information in another format can be made by email to the webmaster. 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. With support and encouragement students will reach their true potential. The capital-market effects around this change have been extensively studied, but their sources are not yet well understood. We further show that securities regulation can substitute for trust in others and mitigate cultural biases in foreign portfolio investment. 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. Using micro data on actual healthcare purchases, and exploiting both between- and within-state variation to address endogeneity concerns, we find that price transparency regulations reduce the price charged for common, uncomplicated, elective procedures by an average of approximately 7 percent. We find that capital and performance covenants are used in different contracting environments. Academy: REVISION: Accounting Information in Financial Contracting: The Incomplete Contract Theory PerspectiveDate Posted:Tue, 13 Oct 2015 02:55:28 -0500The central question in accounting literature on financial contracting is: how does the reliance on accounting information in contracts facilitate transactions between financiers and those who require financing? Hans Christensen Middle School has been reviewed 6 times and has received an average rating of 5 out of 5. Among insured patients, reductions in payments are concentrated among the most price sensitive patients, as captured by patients coinsurance. REVISION: Reversing the Resource Curse: Foreign Corruption Regulation and Economic DevelopmentDate Posted:Sat, 19 Dec 2020 05:40:56 -0600We examine whether foreign corruption regulation reduces corruption and increases the local economic benefits of resource extraction. We group the studies into seven topical areas, each represented by its own summary table, and add a table containing CSR review and summary articles at the end. Privacy & Cookies Notice REVISION: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting ProfessionDate Posted:Thu, 22 Dec 2016 09:45:13 -0600The paper examines whether international regulatory harmonization increases cross-border labor migration. Overall, our results indicate that securities regulation can increase household equity ownership, particularly where trust in others is low. REVISION: Capital versus Performance Covenants in Debt ContractsDate Posted:Wed, 26 Jan 2011 12:30:29 -0600We study the contracting role of financial covenants classified into two types. We document that almost all managers pre-commit to historical cost accounting for plant, equipment, and intangible assets, suggesting that fair value for illiquid non-financial assets is associated with net firm-specific costs. 20042023 The University of Chicago Booth School of Business. To study this question, we analyze European Union (EU) initiatives that harmonized accounting and auditing standards. Firms under US jurisdiction with fundamental characteristics that make it more difficult to maintain effective internal controls invest less in high-corruption-risk countries after the FCPA enforcement increase, suggesting regulatory compliance costs play a role in deterring investment. We provide evidence that this effect is due to harmonization, rather than increases in the demand for accounting services during the implementation of the rule changes. All EU member states were required to adopt these two directives but did so at different points in time. 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. REVISION: Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and EnforcementDate Posted:Tue, 07 Feb 2012 18:31:52 -0600This paper examines capital market effects of changes in securities regulation. 1,140 sqft. The evidence is broadly consistent with GAAP changes playing an efficiency role in debt markets. Additional evidence suggests that the inclusion in financial reports, rather than unobservable factors associated with regulatory intervention, drives these effects. REVISION: Mandatory IFRS Reporting and Changes in EnforcementDate Posted:Thu, 20 Jun 2013 14:44:58 -0500In recent years, reporting under International Financial Reporting Standards (IFRS) became mandatory in many countries. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. At the firm level, borrowers facing higher uncertainty are more likely to write contracts that include GAAP changes, but these firms also show a more pronounced time-trend toward excluding GAAP changes. This regulatory harmonization should make it less costly for those who work in the accounting profession to move across countries. We find significant increases in the proportion of liquid assets invested in equity both when a households own country adopts the regulation and when other countries adopt the regulation. Livermore Special Needs Parent Group Meeting, Girls Who Code Club, 2:45-3:45 p.m., Room 402. The findings illustrate that diversity in rules constitutes an economic barrier to cross-border labor mobility and, more specifically, that accounting New: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting ProfessionDate Posted:Thu, 21 Jan 2016 21:04:12 -0600The paper examines whether international regulatory harmonization increases cross-border labor migration. We find that, across all countries, mandatory IFRS reporting had little impact on liquidity. The University of Chicago Booth School of Business, Get the Latest Insights from Hans B. Christensen in Chicago Booth Review, REVISION: Reversing the Resource Curse: Foreign Corruption Regulation and the Local Economic Benefits of Resource Extraction, REVISION: Policeman for the World: The Impact of Extraterritorial FCPA Enforcement on Foreign Investment and Internal Controls, REVISION: Financial Shocks to Lenders and the Composition of Financial Covenants, REVISION: Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review, REVISION: Reversing the Resource Curse: Foreign Corruption Regulation and Economic Development, REVISION: Policeman for the World: The Rise in Extraterritorial FCPA Enforcement and Foreign Investment Competition, REVISION: Policeman for the World: The Rise in Extraterritorial FCPA Enforcement and Foreign Investment, REVISION: Proactive Financial Reporting Enforcement and Shareholder Wealth, REVISION: Policeman for the World: U.S. Enforcement of Foreign Corruption Regulation and Corporate Investment Policies, REVISION: Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review, New: Broad- Versus Narrow-Sample Evidence in Disclosure Regulation Studies: A Discussion of Badia, Duro, Jorgensen, and Ormazabal (2018), REVISION: Securities Regulation, Household Equity Ownership, and Trust in the Stock Market, REVISION: The Only Prescription is Transparency: The Effect of Charge-Price-Transparency Regulation on Healthcare Prices, REVISION: Financial Shocks and Corporate Investment Activity: The Role of Financial Covenants, REVISION: Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards: Structured Overview of CSR Literature, New: Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards, REVISION: Securities Regulation and Household Equity Ownership: Evidence from National Accounts, REVISION: The Effects of Charge-Price Transparency Regulation on Prices in the Healthcare Industry, New: Contracting on GAAP Changes: Large Sample Evidence, REVISION: Financial Sector Shocks and Corporate Investment Activity: The Role of Financial Covenants, REVISION: Securities Regulation and Household Equity Ownership, REVISION: The Real Effects of Mandated Information on Social Responsibility in Financial Reports: Evidence from Mine-Safety Records, New: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting Profession, REVISION: Proactive Financial Reporting Enforcement and Firm Value, REVISION: Contracting on GAAP Changes: Large Sample Evidence, REVISION: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting Profession, New: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement, Update: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting Profession, REVISION: The Real Effects of Mandated Non-Financial Information in Financial Reports: Evidence from Mine-Safety Records, REVISION: Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective, REVISION: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement, REVISION: The Real Effects of Mandatory Dissemination of Non-Financial Information through Financial Reports, REVISION: The Real Effects of Mandatory Non-Financial Disclosures in Financial Statements, Update: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement, REVISION: The Effects of Price Transparency Regulation on Prices in the Healthcare Industry.