Purpose Accounting information systems are mainly rule-based, and data are usually
available and well-structured. However, many accounting systems are yet to catch up with …

Event study methodology has been one of the most frequently used tools in financial
research in recent years. This study provides a review of the present state of knowledge and …

SEQUELS ARE RARELY AS good as the originals, so I approach this review of the market
efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work …

The economic literature about dividends usually assumes that managers are perfect agents
of investors, and it seeks to determine why these agents pay dividends. Other literature …

We extend the standard finance model of the firm's dividend/investment/financing decisions
by allowing the firm's managers to know more than outside investors about the true state of …

This paper outlines and tests two agency models of dividends. According to the “outcome
model,” dividends are paid because minority shareholders pressure corporate insiders to …

We survey 384 financial executives and conduct in-depth interviews with an additional 23 to
determine the factors that drive dividend and share repurchase decisions. Our findings …

I review empirical research on the relation between capital markets and financial statements.
The principal sources of demand for capital markets research in accounting are fundamental …

ABSTRACT A signalling equilibrium with taxable dividends is identified. In this equilibrium,
corporate insiders with more valuable private information optimally distribute larger …

This paper examines if the stock market prices discretionary accruals. Evidence reveals that,
on average, the market attaches value to discretionary accruals. This evidence is consistent …