Using ratings of corporate governance developed by RiskMetrics Group (RMG), formerly Institutional Shareholder Services, we investigate whether relatively poor governance is associated with financial restatement, and whether restatement results in improved governance. We identify 150 firms that restated their 2003 financial statements to correct material error, and we use Compustat to generate ...

The evolution of reporting about employees in the 20th century culminated in the mandatory disclosures of the Companies Act (1985). This paper reports upon a study of the employee reporting practices of FTSE 100 companies that was carried out by examining the year 2000 annual report and accounts. The analysis whilst noting a wide range of practice among these companies, finds that their annual ...

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs is thought to have played a central role in the 2008 financial crisis. This paper uses a quantitative general equilibrium framework in which this interaction drives the financial amplification mechanism to study macro-prudential policy. Financial innovation enhances the ability of...

We investigate the effects of a Financial Transaction Tax (FTT) in an order-driven artificial financial market. FTTs are meant to limit short-term speculative behavior by reducing the amount of excess liquidity in the system. To quantify these effects, adjustments in trading strategies and their effects on liquidity need to be taken into account. We model an agentbased continuous double-auction...

We predict and find that accounting restatements induce economically meaningful share price declines among non-restatement firms in the same industry. These price declines are most pronounced among non-restatement firms with low accounting quality, as measured by industry adjusted accruals. Our results are consistent with the notion that accounting restatements cause investors to reassess the c...

A model of monetary exchange with private financial intermediation is constructed. Claims on financial intermedaries of two types are traded in transactions: circulating notes and deposits. There can be a role for the government in supplying liqudity, and level changes in the money supply accomplished through open market operations can be nonneutral. A Friedman rule is suboptimal, due to costs ...

This Article builds upon prior empirical findings on the prevalence of pyramids and focuses on the financing subsidies derived through the internal capital markets of pyramids–particularly through affiliations with financial institutions. Part I of this Article provides a brief overview of the relevant literature and the role that pyramids can play in separating ownership and voting rights. Par...

This paper is in an attempt to examine the financial performance of privatelisted commercial banks in Bangladesh in terms of profitability. The study is based on cross-section data of annual financial statements of 15 listed commercial banks for the period 2008-2012. Five determinants have been chosen for this study. The Correlation matrix shows that profitability, asset quality, operating perf...

Women's role in the field of dentistry has historically been limited to the dental auxiliary fields, rather than that of D.D.S. or D.M.D. Today, women are nearly 38 percent of U.S. dental school students and 14 percent of active practitioners. The slow(er) influx of women into dentistry has been little studied by dental educators. During the 2000-01 academic year, we conducted a survey of first...