Chronological List of all Research

Forthcoming

Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions, with Holger Daske, Luzi Hail and Rodrigo Verdi, Journal of Accouting Research, forthcoming.

2012

"Information Asymmetry, Information Precision and the Cost of Capital," with R. Lambert and R. Verrecchia, Review of Finance, 16 (2012), 1-29.

Awarded the 2012 Spaengler IQAM Best Paper Prize

2010

"Did Fair-Value Accounting Contribute to the Financial Crisis?" with Christian Laux, Journal of Economic Perspectives, 24 (2010), 93–118.
"Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why," Accounting and Business Research, 40 (2010), 229–256.
- Awarded the 2011 Allen & Overy Law Prize by the ECGI.
"Global Accounting Convergence and the Potential Adoption of IFRS by the U.S.," with Luzi Hail and Peter Wysocki. "Part I: Conceptual Underpinnings and Economic Analysis," Accounting Horizons, 24 (2010), 355–394. "Part II: Political Factors and Future Scenarios for U.S. Accounting Standards," Accounting Horizons, 24 (2010), 567-588.
- Awarded the 2011 Deloitte Wildman medal for excellence in accounting research by the American Accounting Association

2009

"Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross Listings," with L. Hail, Journal of Financial Economics, 93 (2009), 428–454.
"The Crisis of Fair-Value Accounting: Making Sense of the Recent Debate," with Christian Laux, Accounting, Organizations and Society, 34 (2009), 826–834.
"Do Foreigners Invest Less in Poorly Governed Firms?" with K. Lins and F. Warnock, Review of Financial Studies, 22 (2009), 3245–3285.
"Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of the Economic and Policy Factors," with Luzi Hail and Peter Wysocki, independent research report to the FASB.

2008

"Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences," with Holger Daske, Luzi Hail and Rodrigo Verdi, Journal of Accounting Research, 46 (2008), 1085–1142.
- Emerald Management Reviews Citations Award of Excellence 2012
"Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations," with A. Triantis and Y. Wang, Journal of Accounting and Economics, 45 (2008), 181–208.

2007

"Accounting Information, Disclosure and the Cost of Capital," with R. Lambert and R. Verrecchia, Journal of Accounting Research, 45 (2007), 385–420.
- Emerald Management Reviews Citations Award of Excellence 2011
"Capital Market Effects of Mandatory IFRS Reporting in the EU: Empirical Evidence," report made to the Netherlands Authority for the Financial Markets (AFM).
"Was the Sarbanes-Oxley Act of 2002 really this costly? A Discussion of Evidence from Event Returns and Going-Private Decisions," Journal of Accounting and Economics, 44 (2007), 146–165.

2006

"Capital-Market Effects of Corporate Disclosures and Disclosure Regulation," with P. Wysocki, in: Canada Steps Up: Evolving Investor Protection, Research Studies for the Final Report of the Task Force to Modernize Securities Legislation in Canada, T. Allen et al. (eds.), 2006, Volume 2, 181–239.
"Cross Listing, Bonding and Firms’ Reporting Incentives: A Discussion of Lang, Raedy and Wilson," Journal of Accounting and Economics, 42 (2006), 285–299.
"The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms," with D. Burgstahler and L. Hail, The Accounting Review, 81 (2006), 983- 1016.
"International Differences in the Cost of Capital: Do Legal Institutions and Securities Regulation Matter?" with Luzi Hail, Journal of Accounting Research, 44 (2006), 485–531.
- Awarded the 2010 Notable Contribution to the Accounting Literature Award by the AICPA and the American Accounting Association
"Political Relationships, Global Financing, and Corporate Transparency: Evidence from Indonesia," with F. Oberholzer, Journal of Financial Economics, 81 (2006), 411–439.

2005

"Economic Consequences of SEC Disclosure Regulation: Evidence from the OTCBB," with B. Bushee, Journal of Accounting and Economics, 39 (2005), 233–264.

2004

The Economics and Politics of Accounting: International Perspectives on Research Trends, Policy and Practice, C. Leuz, D. Pfaff and A. Hopwood (eds.), Oxford University Press (2004): 404 pages.
"Proprietary versus Non-Proprietary Disclosures: Evidence from Germany," in: The Economics and Politics of Accounting, C. Leuz, D. Pfaff and A. Hopwood (eds.), Oxford University Press (2004): 164–197.
"The Role of Accounting in the German Financial System," with J. Wüstemann, in: The German Financial System, J. Krahnen and R.H. Schmidt (eds.), Oxford University Press, (2004): 450–481.

2003

"IAS versus US GAAP: Information-Asymmetry Based Evidence from Germany’s New Market," Journal of Accounting Research, 41 (2003): 445–472.
"Investor Protection and Earnings Management: An International Comparison," with D. Nanda and P. Wysocki, Journal of Financial Economics, 69 (2003), 505–527.

Ranks 65 among the top 300 most cited finance papers 2000-2006 (Keloharju, EFM 2008);
JFE All Star Paper (2003);
Identified by Thomson-ISI as one of the most cited recent papers in the field of Economics & Business.

"Discussion of ADRs, Analysts and Accuracy: Does Cross Listing in the US Improve a Firm’s Information Environment and Increase Market Value?" Journal of Accounting Research, 41 (Supplement 2003), 347–362.
"Auslandslistings und Offenlegung: Chancen und Probleme empirischer Rechnungswesenforschung [Cross Listings and Disclosure]," Betriebliche Forschung und Praxis, 6 (2003): 623–636.

2002

"Informationstheorie [Information Theory]," in: Handwörterbuch Unternehmensrechnung und Controlling [Handbook of Accounting and Control], 4th Edition, H. Küpper and A. Wagenhofer (eds.), Stuttgart: Schäffer-Poeschel (2002): 732–740.

2001

"Comment on Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure," Brookings-Wharton Papers on Financial Services, R. Litan and R. Herring (eds.), Washington: Brookings Institution Press (2001): 170–177.

2000

"The Development of Voluntary Cash Flow Statements in Germany and the Influence of International Reporting Standards," Schmalenbach Business Review, 52 (2000), 182–207.
"The Economic Consequences of Increased Disclosure," with R. Verrecchia, Journal of Accounting Research, 38 (Supplement 2000), 91–124.
"Rechnungslegung am Neuen Markt – Eine Bestandsaufnahme [Accounting Choices at the New Market of the Frankfurt Stock Exchange]," with A. d’Arcy, Der Betrieb, 53 (2000), 385–391.

Pre-2000

"An International Comparison of Accounting-Based Payout Restrictions in the United States, United Kingdom and Germany," with D. Deller and M. Stubenrath, Accounting and Business Research, 28 (1998), 111–129.
"Kapitalflußrechnung – Grundlagen, International Accounting Standard No. 7 und Informationsgehalt [Cash Flow Statements – Basics, Information Content and IAS 7]," with D. Ordelheide, Wirtschaftswissenschaftliches Studium, 27 (1998): 176–183.
"The Role of Accrual Accounting in Restricting Dividends to Shareholders," The European Accounting Review, 7 (1998), 579–604.
Rechnungslegung und Kreditfinanzierung: Zum Zusammenhang von Ausschüttungsbegrenzung, bilanzieller Gewinnermittlung und vorsichtiger Rechnungslegung [Accounting and Debt Financing: On the Link Between Payout Restrictions, Accrual Accounting and Conservatism], Frankfurt: Lang (1996): 50 pages.
"Groves-Schemata: Ein geeignetes Instrument zur Steuerung der Ressourcenallokation in Unternehmen? [Groves Mechanisms in Intra-Firm Resource Allocation Problems with Risk-Averse Managers]," with D. Pfaff, Zeitschrift für betriebswirtschaftliche Forschung, 47 (1995): 659–690.

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