Accounting

This Proposal Could Inadvertently Improve Corporate Accounting

A provision within the Biden administration’s Build Back Better bill that assesses a minimum tax on certain companies based on their income...

Addressing Climate Change Must Begin with Verifiable Carbon Accounting

Robert Kaplan and Karthik Ramanna propose a new approach for verifiable accounting on indirect corporate emissions that would apply to all corporations,...

Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism

In 2010, as the world was reeling from the global financial crisis, the body that determines generally accepted accounting principles for listed...

Seven Reasons Why the Wirecard Fraud Matters

We now know that Wirecard was a massive fraud. The company—treated like a rock star by regulators and key players in finance—fabricated...

Elon Musk Wants to Get Paid. He Will Get His 2019 Bonus Thanks to an Accounting Magic

In March 2018, Tesla’s Board of Directors granted Musk a potential bonus of 20,264,042 stock option awards under a plan that uses “adjusted EBITDA” as one...

The Solution to the Auditing Industry’s Oligopoly Problem? More Competition

The UK’s reviews of the Big Four auditing firms have largely adopted an approach of more regulation and government oversight. This approach is not...

Big Four Audit Firms Enjoy a “Too Few to Fail” Regulatory Hall Pass

The failure of Enron and subsequent demise of Arthur Andersen led to significant changes for public reporting and auditing but not much change in...

Blockchains and Corporate Finance: “In a Blockchain Market, Shareholder Activists Might Play Much Less of a Role”

Will blockchain technology lead to less shareholder activism and higher executive compensation? Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain...

Will PwC Throw the Red Card on its Swiss Firm Over FIFA?

PwC took over as auditor of the corruption-plagued global football body last year, with the intention of reforming it. So how is it that...

How the Global Audit Firms, Led by Deloitte, Are Using Their Lobbying Clout to Dilute Sarbanes-Oxley Reforms

A look at the Big Four’s congressional lobbying activity shows the auditors and their trade association taking advantage of the “Trump” window to roll...

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LATEST NEWS

Antitrust and Competition

The NCAA Goes After College Athletes’ NIL Money—Here are the Antitrust Implications for Workers and Consumers

Ted Tatos

Having lost in the Supreme Court on student-athlete academic benefits, the NCAA has signaled a continuing attempt to suppress competition in the...

Corporate Governance

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?

Lucian Bebchuk, Roberto Tallarita

In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...

Inequality

Do Protests Matter At All for Shifting Government Policy Around Economic Redistribution?

Belinda Archibong

New research on the effectiveness of protests on government distributions provides insights into the political incentives of a country’s leadership and the...

Antitrust and Competition

Mergers and Smoking Guns

Erik Peinert

A recently uncovered memo from George Stigler and Richard Posner reveals how they thought about antitrust and merger policy in advising the...

Corporate Governance

Will “Portfolio Primacy” Throw a Monkey Wrench in Elon Musk’s Plans to Acquire Twitter?

Bernard Sharfman

The SEC's definition of fiduciary duty allows institutional shareholders to vote against Elon Musk's Twitter takeover bid thanks to portfolio primacy.