Publications
2024
"The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity," with Joao Granja, Journal of Financial Economics,158 (2024), 103871.
2023
"Mandatory Disclosure and Corporate Carbon Damages," with Michael Greenstone and Patricia Breuer, Accountability in a Sustainable World Quarterly 2 (2023), 163-168.
"Mandatory Disclosure Would Reveal Corporate Carbon Damages," with Michael Greenstone and Patricia Breuer, Science, 381 (2023), 837-840.
2022
"Towards a Design-Based Approach to Accounting Research," Journal of Accounting and Economics, 74 (2022), 101550.
"Going the Extra Mile: Distant Lending and Credit Cycles," with Joao Granja and Raghuram Rajan, Journal of Finance, 77 (2022), 1259–1327.
2021
"Mandatory Corporate Carbon Disclosures and the Path to Net Zero," with Patrick Bolton, Marcin T. Kacperczyk, Gaizka Ormazabal, Stefan Reichelstein, and Dirk Schoenmaker, Management and Business Review, 1 (2021).
"Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review," with Hans Bonde Christensen and Luzi Hail, Review of Accounting Studies 26 (2021), 1176–1248
"Large-Sample Evidence on the Impact of Unconventional Oil and Gas Development on Surface Waters," with Pietro Bonetti and Giovanna Michelon, Science 373 (2021), 896–902.
"Accounting for Financial Stability: Bank Disclosure and Loss Recognition in the Financial Crisis," with Jannis Bischof and Christian Laux, Journal of Financial Economics 141 (2021), 1188–1217.
"On the Economics of Audit Partner Tenure and Rotation: Evidence from PCAOB Data," with Brandon Gipper and Luzi Hail, The Accounting Review 96 (2021), 303–331.
2020
"Public Audit Oversight and Reporting Credibility: Evidence from the PCAOB Inspection Regime," with Brandon Gipper and Mark Maffett, Review of Financial Studies 33 (2020), 4532–4579.
"Reproducibility in Accounting Research: Views of the Research Community," with Luzi Hail and Mark H. Lang, Journal of Accounting Research 58 (2020), 519–543.
2018
"Evidence-Based Policymaking: Promise, Challenges and Opportunities for Accounting and Financial Markets Research," Accounting and Business Research 48 (2018), 582–608.
"The Twilight Zone: OTC Regulatory Regimes and Market Quality," with Ulf Brüggemann, Aditya Kaul, and Ingrid M. Werner, Review of Financial Studies 31 (2018), 898–942.
2017
"The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting Profession," with Matthew Bloomfield, Ulf Brüggeman, and Hans Christensen, Journal of Accounting Research 55 (2017), 35–78.
2016
"The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research," with Peter Wysocki, Journal of Accounting Research 54 (2016), 525–622.
"Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation and Enforcement," with Hans Christensen and Luzi Hail, Review of Financial Studies 29 (2016), 2885–2924.
- Editor's Choice Award, Review of Financial Studies, 2016
2013
Mandatory IFRS Reporting and Changes in Enforcement, with Hans Christensen and Luzi Hail, Journal of Accounting and Economics, 56:Supplement 1 (2013), 147–177.
- Citations of Excellence Award, Emerald Management Reviews, 2016;
- Highly Cited Research Award, Journal of Accounting and Economics, 2016
Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions, with Holger Daske, Luzi Hail and Rodrigo Verdi, Journal of Accounting Research 51:3 (2013), 495–547.
- FARS Best Paper Award, 2016
2012
"Information Asymmetry, Information Precision and the Cost of Capital," with R. Lambert and R. Verrecchia, Review of Finance 16 (2012), 1–29.
- Spaengler IQAM Best Paper Prize, 2012
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.
- Allen & Overy Law Prize, ECGI, 2011
"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.
- Deloitte Wildman Medal for Excellence in Accounting Research, American Accounting Association, 2011
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.
- Distinguished Contribution to Accounting Literature Award, American Accounting Association, 2016;
- Citations of Excellence Award, Emerald Management Reviews, 2014;
- Citations of Excellence Award, Emerald Management Reviews, 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.
- Citations of Excellence Award, Emerald Management Reviews, 2014;
- Citations of Excellence Award, Emerald Management Reviews, 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.
- Notable Contribution to the Accounting Literature Award, AICPA and the American Accounting Association, 2010
"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.
"Earnings Management and Investor Protection: An International Comparison," with D. Nanda and P. Wysocki, Journal of Financial Economics 69 (2003), 505–527.
- Distinguished Contribution to Accounting Literature Award, American Accounting Association, 2014;
- Ranks 65 among the top 300 most cited finance papers 2000-2006 (Keloharju, EFM 2008);
- JFE All Star Paper, 2003;
- Identified by Clarivate (formerly 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
"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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