This paper reviews theoretical and empirical work on financial contracting that is relevant to
accounting researchers. Its primary objective is to discuss how the use of accounting …

This paper surveys both the theoretical and the empirical archival literature on conservatism
when accounting information is used for debt contracting. The theoretical literature shows …

We outline several properties of IFRS that potentially affect the contractibility or the
transparency of financial statement information, and hence the use of that information in debt …

This paper investigates whether changes in Generally Accepted Accounting Principles
(GAAP) affect corporate investment decisions. Using a sample containing forty nine changes …

We study the effect of fair value accounting on the association between net income and cash
pay following the 2005 worldwide adoption of IFRS. We find that, while IFRS's non-fair-value …

This paper reviews research evidence on the usefulness of fair value measurement of long-
lived operating assets for financial reporting. Although economically material, these assets …

A fundamental issue debated in the accounting literature centres on the appropriate basis
for measuring firms' assets and liabilities. During the last several decades, scholars have …

We examine whether syndicated loans securitized through collateralized loan obligations
(CLOs) have more standardized financial covenants. We proxy for the standardization of …

Abstract Minnis, Sutherland, and Vetter (MSV) documents a sharp decline in lenders'
collection of attested financial statements (including unqualified audits, reviews, and …

We examine the discretionary activities that CLO managers engage in to pass monthly
overcollateralization (OC) tests. These tests require a CLO's loan portfolio value, scaled by …