Luzi Hail

University of Pennsylvania - The Wharton School

Professor of Accounting

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

University of Pennsylvania - Accounting Department

Philadelphia, PA 19104-6365

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • University of Pennsylvania - The Wharton School

    • Email
    • Tel: 215-898-8205
    • Fax: 215-573-2054

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

32

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75,534

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Top 1,104

in Total Papers Citations

760

CROSSREF CITATIONS

338

Scholarly Papers (32)

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1.

Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors

Downloads 13,910 ( 330)
Citation 42

Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors

Number of pages: 104 Posted: 11 Mar 2009
Luzi Hail, Luzi Hail, Christian Leuz and Peter D. Wysocki
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Boston University Questrom School of Business
Downloads 13,910 (325)
Citation 42

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Accounting, Regulation, IFRS, U.S. GAAP, SEC, Standard setting, U.S. equity markets, Mandatory disclosure, Political economy

Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part I): Conceptual Underpinnings and Economic Analysis

Accounting Horizons, Vol. 24, No. 3, pp. 355-394, 2010
Posted: 10 Sep 2010
Luzi Hail, Luzi Hail, Christian Leuz and Peter D. Wysocki
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Boston University Questrom School of Business

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Accounting, Regulation, IFRS, U.S. GAAP, SEC, Standard setting, U.S. equity markets, Mandatory disclosure

2.

Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

Downloads 13,328 ( 362)

Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

ECGI - Finance Working Paper No. 198/2008, Chicago GSB Research Paper No. 12
Number of pages: 74 Posted: 25 Oct 2007 Last Revised: 20 Nov 2011
Holger Daske, Luzi Hail, Luzi Hail, Christian Leuz and Rodrigo S. Verdi
University of Mannheim - Accounting and Taxation, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Massachusetts Institute of Technology (MIT)
Downloads 13,328 (355)
Citation 105

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Regulation, International accounting, IAS, U.S. GAAP, Disclosure, Market liquidity, Cost of equity, Enforcement, Security markets

Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

Journal of Accounting Research, Vol. 46, No. 5, pp. 1085-1142, 2008
Posted: 08 Sep 2008 Last Revised: 20 Nov 2011
Holger Daske, Luzi Hail, Luzi Hail, Christian Leuz and Rodrigo S. Verdi
University of Mannheim - Accounting and Taxation, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Massachusetts Institute of Technology (MIT)

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Regulation, International accounting, IAS, U.S. GAAP, Disclosure, Market liquidity, Cost of equity, Enforcement, Security markets

3.

The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms

Downloads 5,113 ( 1,997)

The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms

Number of pages: 49 Posted: 08 Jan 2004
David Burgstahler, Luzi Hail, Luzi Hail and Christian Leuz
University of Washington, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 5,113 (1,968)
Citation 186

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International accounting, Earnings management, Private companies, Legal system, Accounting harmonization, Earnings properties

The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms

Accounting Review, Vol. 81, No. 5, pp. 983-1016, 2006
Posted: 23 Mar 2006 Last Revised: 20 Nov 2011
David Burgstahler, Luzi Hail, Luzi Hail and Christian Leuz
University of Washington, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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international accounting, earnings management, private companies, legal system, accounting harmonization, earnings properties

4.

Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions

Downloads 4,945 ( 2,114)

Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions

Number of pages: 66 Posted: 12 Apr 2007 Last Revised: 12 Mar 2013
Holger Daske, Luzi Hail, Luzi Hail, Christian Leuz and Rodrigo S. Verdi
University of Mannheim - Accounting and Taxation, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Massachusetts Institute of Technology (MIT)
Downloads 4,945 (2,080)
Citation 58

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International accounting, Reporting incentives, IAS, U.S. GAAP, Disclosure, Cost of equity, IFRS implementation

Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions

Journal of Accounting Research, Vol. 51, No. 3, pp. 495-547, 2013
Posted: 19 Mar 2013 Last Revised: 21 Apr 2013
Holger Daske, Luzi Hail, Luzi Hail, Christian Leuz and Rodrigo S. Verdi
University of Mannheim - Accounting and Taxation, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Massachusetts Institute of Technology (MIT)

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International accounting, Reporting incentives, IAS, U.S. GAAP, Disclosure, Cost of equity, IFRS implementation

5.

International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?

Downloads 4,577 ( 2,448)

International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?

ECGI - Law Working Paper No. 15/2003, Rodney L. White Center for Financial Research Working Paper No. 17-04, AFA 2005 Philadelphia Meetings
Number of pages: 65 Posted: 21 Dec 2004
Luzi Hail, Luzi Hail and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 4,577 (2,408)
Citation 128

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Cost of equity, Disclosure regulation, Law and finance, International finance, Country risk, Legal system

International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?

Journal of Accounting Research, Vol. 44, No. 3, pp. 485-531, 2006
Posted: 17 Jan 2006 Last Revised: 20 Nov 2011
Luzi Hail, Luzi Hail and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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Cost of equity, Disclosure regulation, Law and finance, International finance, Country risk, Legal system

6.

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Downloads 3,963 ( 3,153)
Citation 79

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

ECGI - Finance Working Paper No. 407/2014, Chicago Booth Research Paper No. 12-04
Number of pages: 79 Posted: 23 Jan 2011 Last Revised: 06 Apr 2016
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 3,571 (3,684)
Citation 7

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Capital market regulation, Enforcement, Disclosure, Law and finance, European Union, Liquidity

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Review of Financial Studies, Vol. 29, No. 11, pp. 2885-2924, 2016
Number of pages: 79 Posted: 15 Oct 2016
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 305 (125,169)
Citation 1

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Capital market regulation, Enforcement, Disclosure, Law and finance, European Union, Liquidity

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

NBER Working Paper No. w16737
Number of pages: 80 Posted: 31 Jan 2011 Last Revised: 26 Sep 2021
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 87 (362,447)
Citation 33

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7.

Mandatory IFRS Reporting and Changes in Enforcement

Downloads 3,661 ( 3,594)

Mandatory IFRS Reporting and Changes in Enforcement

ECGI - Finance Working Paper No. 377/2013, The Wharton School Research Paper, Chicago Booth Research Paper No. 12-12
Number of pages: 69 Posted: 07 Mar 2012 Last Revised: 06 Apr 2015
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 3,661 (3,531)
Citation 123

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International accounting, IFRS implementation, Regulation, Enforcement, Liquidity, European Union

Mandatory IFRS Reporting and Changes in Enforcement

Journal of Accounting and Economics, Vol. 56, No. 2-3 (Supplement 1), pp. 147-177, 2013
Posted: 07 Dec 2013
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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International accounting, IFRS implementation, Regulation, Enforcement, Liquidity, European Union

8.

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

Downloads 3,118 ( 4,778)
Citation 13

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

European Corporate Governance Institute - Finance Working Paper No. 623/2019
Number of pages: 121 Posted: 31 Jul 2019 Last Revised: 20 May 2021
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 2,990 (5,042)
Citation 20

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Transparency, Regulation, SASB, GRI, Standard setting, Accounting standards, Mandatory disclosure, Environmental, social and governance (ESG)

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

NBER Working Paper No. w26169
Number of pages: 115 Posted: 20 Aug 2019 Last Revised: 21 Jul 2021
Hans Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 128 (277,821)
Citation 2

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9.

Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards

Number of pages: 170 Posted: 25 Jan 2019
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 2,464 (7,018)
Citation 15

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Accounting, Regulation, SASB, GRI, Standard setting, Mandatory disclosure, Sustainability, CSR, Environmental, social and governance (ESG) factors

10.

Cost of Capital Effects and Changes in Growth Expectations Around U.S. Cross-Listings

Downloads 2,440 ( 7,086)
Citation 52

Cost of Capital Effects and Changes in Growth Expectations Around U.S. Cross-Listings

ECGI - Finance Working Paper No. 46/2004, Wharton Financial Institutions Center Working Paper Series #06-19
Number of pages: 63 Posted: 19 Oct 2006 Last Revised: 20 Nov 2011
Luzi Hail, Luzi Hail and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 2,440 (6,988)
Citation 52

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Cross-listing, corporate governance, bonding hypothesis, cost of equity, disclosure, law and finance, international finance

Cost of Capital Effects and Changes in Growth Expectations Around U.S. Cross-Listings

Journal of Financial Economics, Vol. 93, No. 3, pp. 428-454, 2009
Posted: 03 Dec 2008 Last Revised: 20 Nov 2011
Luzi Hail, Luzi Hail and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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Corporate governance, cross-listing, bonding hypothesis, cost of equity, disclosure, law and finance, international finance

11.

Corporate Scandals and Regulation

Downloads 2,064 ( 9,323)
Citation 14

Corporate Scandals and Regulation

European Corporate Governance Institute (ECGI) - Law Working Paper No. 367/2017
Number of pages: 74 Posted: 02 May 2017 Last Revised: 15 Aug 2018
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business
Downloads 1,901 (10,455)
Citation 15

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Accounting fraud, Corporate scandals, Capital market regulation, Economics of regulation, Law and finance, International accounting

Corporate Scandals and Regulation

Institute for New Economic Thinking Working Paper Series No. 71
Number of pages: 68 Posted: 09 Aug 2018
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business
Downloads 163 (228,385)
Citation 2

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Accounting fraud, Corporate scandals, Capital market regulation, Economics of regulation, Law and finance, International accounting

Corporate Scandals and Regulation

Journal of Accounting Research, Vol. 56, No. 2, 2018
Posted: 02 Aug 2018
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business

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accounting fraud; corporate scandals; capital market regulation; economics of regulation; law and finance; international accounting

12.

Capital Market Effects of Mandatory IFRS Reporting in the EU: Empirical Evidence

Number of pages: 85 Posted: 13 Dec 2009 Last Revised: 20 Nov 2011
Luzi Hail, Luzi Hail and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 1,931 (10,419)
Citation 33

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Regulation, International accounting, European Union, IAS, Disclosure, Market liquidity, Cost of equity

13.

The Impact of Voluntary Corporate Disclosures on the Ex Ante Cost of Capital for Swiss Firms

Downloads 1,691 ( 12,872)

The Impact of Voluntary Corporate Disclosures on the Ex Ante Cost of Capital for Swiss Firms

Number of pages: 32 Posted: 17 Aug 2001
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department
Downloads 1,691 (12,655)
Citation 11

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Voluntary disclosure; Disclosure quality; Financial reporting; Valuation; Cost of capital; Analysts' behavior

The Impact of Voluntary Corporate Disclosures on the Ex-Ante Cost of Capital for Swiss Firms

European Accounting Review, Vol. 11, No. 4, pp. 741-773, 2002
Posted: 18 Oct 2002 Last Revised: 20 Nov 2011
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department

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voluntary disclosure, disclosure quality, financial reporting, valuation, cost of capital, analysts' behavior

14.

On the Economics of Mandatory Audit Partner Rotation and Tenure: Evidence from PCAOB Data

Downloads 1,511 ( 15,383)
Citation 12

On the Economics of Mandatory Audit Partner Rotation and Tenure: Evidence from PCAOB Data

Stanford University Graduate School of Business Research Paper No. 17-56
Number of pages: 61 Posted: 23 Aug 2017 Last Revised: 01 Oct 2021
Brandon Gipper, Luzi Hail, Luzi Hail and Christian Leuz
Stanford University Graduate School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 1,276 (19,552)
Citation 3

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Auditing, Audit fees, Audit quality, Auditor rotation, Audit partner tenure, Competition, PCAOB

On the Economics of Mandatory Audit Partner Rotation and Tenure: Evidence from PCAOB Data

Center for Financial Studies Working Paper No. 608, Stanford University Graduate School of Business Research Paper No. 19-7
Number of pages: 61 Posted: 16 Dec 2018 Last Revised: 24 Mar 2020
Brandon Gipper, Luzi Hail, Luzi Hail and Christian Leuz
Stanford University Graduate School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 197 (193,358)
Citation 10

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Auditing, Audit fees, Audit quality, Auditor rotation, Audit partner tenure, Competition, PCAOB

On the Economics of Audit Partner Tenure and Rotation: Evidence from PCAOB Data

NBER Working Paper No. w24018
Number of pages: 77 Posted: 13 Nov 2017 Last Revised: 18 Aug 2021
Brandon Gipper, Luzi Hail, Luzi Hail and Christian Leuz
Stanford University Graduate School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 38 (544,825)
Citation 1

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On the Economics of Mandatory Audit Partner Rotation and Tenure: Evidence from PCAOB Data

The Accounting Review 96, no. 2 (2021): 303-331., Stanford University Graduate School of Business Research Paper
Posted: 09 Aug 2021
Brandon Gipper, Luzi Hail, Luzi Hail and Christian Leuz
Stanford University Graduate School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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auditing, audit fees, audit quality, auditor rotation, audit partner tenure, competition, PCAOB

15.

Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards: Structured Overview of CSR Literature

Number of pages: 117 Posted: 14 Jan 2019 Last Revised: 27 Jan 2019
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 1,293 (19,515)
Citation 5

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Accounting, Regulation, SASB, GRI, Standard setting, Mandatory disclosure, Sustainability, CSR, Environmental, social and governance (ESG) factors

16.

A Tale of Two Supervisors: Compliance with Risk Disclosure Regulation in the Banking Sector

Downloads 1,259 ( 20,281)
Citation 14

A Tale of Two Supervisors: Compliance with Risk Disclosure Regulation in the Banking Sector

Number of pages: 50 Posted: 20 Mar 2015 Last Revised: 09 Mar 2021
Jannis Bischof, Holger Daske, Ferdinand Elfers, Luzi Hail and Luzi Hail
University of Mannheim - Accounting and Taxation, University of Mannheim - Accounting and Taxation, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department
Downloads 1,259 (19,949)
Citation 14

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Disclosure regulation, Risk disclosures, Liquidity, Financial institutions, Market supervision, IFRS, Basel II, International accounting

A Tale of Two Supervisors: Compliance with Risk Disclosure Regulation in the Banking Sector

Contemporary Accounting Research, Forthcoming
Posted: 08 Jul 2021
Jannis Bischof, Holger Daske, Ferdinand Elfers, Luzi Hail and Luzi Hail
University of Mannheim - Accounting and Taxation, University of Mannheim - Accounting and Taxation, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department

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disclosure regulation, risk disclosures, liquidity, financial institutions, IFRS, Basel II

17.

Proper Inferences or a Market for Excuses? The Capital-Market Effects of Mandatory IFRS Adoption

Number of pages: 26 Posted: 02 Sep 2013 Last Revised: 12 Oct 2013
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 1,091 (25,090)
Citation 5

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Barth and Israeli Discussion, IFRS, Enforcement, International Accounting, Liquidity, Policy Implications, Identification

18.

Equity Cross-Listings in the U.S. and the Price of Debt

Downloads 1,019 ( 27,667)
Citation 17

Equity Cross-Listings in the U.S. and the Price of Debt

ECGI - Finance Working Paper No. 274/2010, CELS 2009 4th Annual Conference on Empirical Legal Studies Paper
Number of pages: 44 Posted: 30 Jun 2009 Last Revised: 18 Aug 2017
Ryan T. Ball, Luzi Hail, Luzi Hail and Florin P. Vasvari
The Stephen M. Ross School of Business at the University of Michigan, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and London Business School
Downloads 1,019 (27,269)
Citation 21

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Corporate governance, Bonding hypothesis, Debt financing, Disclosure, Law and finance, International accounting

Equity Cross-Listings in the U.S. and the Price of Debt

Review of Accounting Studies, Vol. 23, pp. 385-421, 2018
Posted: 04 May 2020
Ryan T. Ball, Luzi Hail, Luzi Hail and Florin P. Vasvari
The Stephen M. Ross School of Business at the University of Michigan, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and London Business School

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Corporate governance, Bonding hypothesis, Debt financing, Disclosure, Law and finance, International accounting

19.

Financial Reporting and Firm Valuation: Relevance Lost or Relevance Regained?

Downloads 999 ( 28,482)

Financial Reporting and Firm Valuation: Relevance Lost or Relevance Regained?

Number of pages: 44 Posted: 15 Jan 2013 Last Revised: 21 Apr 2013
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department
Downloads 999 (28,069)

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international accounting, valuation, value relevance, fundamental analysis, regulation, market efficiency, IFRS, fair values

Financial Reporting and Firm Valuation: Relevance Lost or Relevance Regained?

Accounting and Business Research, Vol. 43, No. 4, pp. 329-358, 2013
Posted: 24 Jun 2013
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department

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international accounting, valuation, value relevance, fundamental analysis, regulation, market efficiency, IFRS, fair values

20.

Mandatory Disclosure Quality, Inside Ownership, and Cost of Capital

Downloads 915 ( 32,269)

Mandatory Disclosure Quality, Inside Ownership, and Cost of Capital

Number of pages: 48 Posted: 01 Jun 2014 Last Revised: 25 Oct 2014
John E. Core, Luzi Hail, Luzi Hail and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)
Downloads 915 (31,817)
Citation 9

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Cost of equity, Disclosure regulation, Ownership, Law and finance, International accounting, Legal system

Mandatory Disclosure Quality, Inside Ownership, and Cost of Capital

European Accounting Review, Vol. 24, No. 1, pp. 1-29, 2015
Posted: 07 Apr 2015
John E. Core, Luzi Hail, Luzi Hail and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)

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Cost of equity, Disclosure regulation, Ownership, Law and finance, International accounting, Legal system

21.

Dividend Payouts and Information Shocks

Downloads 765 ( 41,246)

Dividend Payouts and Information Shocks

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 409/2014
Number of pages: 68 Posted: 06 May 2013 Last Revised: 26 Feb 2014
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business
Downloads 765 (40,678)
Citation 6

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Dividend policy, Payout policy, International accounting, Information environment, IFRS, Insider trading laws

Dividend Payouts and Information Shocks

Journal of Accounting Research, Vol. 52, No. 2, pp. 403-456, 2014
Posted: 14 Apr 2014
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business

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Dividend policy, Payout policy, International accounting, Information environment, IFRS, Insider trading laws

Dividend Payouts and Information Shocks

Journal of Accounting Research, Vol. 52, No. 2, 2014
Posted: 10 Sep 2014
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business

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Dividend policy, Payout policy, International accounting, Information environment, IFRS, Insider trading laws

22.

Do Risk Disclosures Matter When it Counts? Evidence from the Swiss Franc Shock

Downloads 719 ( 44,835)
Citation 8

Do Risk Disclosures Matter When it Counts? Evidence from the Swiss Franc Shock

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 55 Posted: 25 Mar 2017 Last Revised: 12 Oct 2020
Luzi Hail, Luzi Hail, Maximilian Muhn and David Oesch
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Zurich
Downloads 719 (44,240)
Citation 8

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Risk disclosures, adverse selection, liquidity, information asymmetry, currency risk, archival studies, surveys

Do Risk Disclosures Matter When It Counts? Evidence from the Swiss Franc Shock

Journal of Accounting Research, Volume 59, Issue 1, March 2021
Posted: 01 Apr 2021
Luzi Hail, Luzi Hail, Maximilian Muhn and David Oesch
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Zurich

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risk disclosures; adverse selection; liquidity; information asymmetry; information dynamics; currency risk; archival studies; surveys

23.

Cross-Country Evidence on the Relation between Capital Gains Taxes, Risk, and Expected Returns

Downloads 626 ( 53,685)
Citation 3

Cross-Country Evidence on the Relation between Capital Gains Taxes, Risk, and Expected Returns

Number of pages: 57 Posted: 27 Feb 2014 Last Revised: 16 Jan 2016
Luzi Hail, Luzi Hail, Stephanie A. Sikes and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Colorado at Boulder - Leeds School of Business
Downloads 408 (90,229)
Citation 1

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Tax capitalization, Personal taxes, Market risk, Cost of capital, Risk sharing, International economics

Cross-Country Evidence on the Relation between Capital Gains Taxes, Risk, and Expected Returns

2014 American Taxation Association Midyear Meeting
Number of pages: 57 Posted: 03 Mar 2014 Last Revised: 16 Jan 2016
Luzi Hail, Luzi Hail, Stephanie A. Sikes and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Colorado at Boulder - Leeds School of Business
Downloads 218 (175,844)
Citation 3

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Tax capitalization, Personal taxes, Market risk, Cost of capital, Risk sharing, International economics

Cross-Country Evidence on the Relation between Capital Gains Taxes, Risk, and Expected Returns

Journal of Public Economics, Vol. 151, pp. 56-73, 2017
Posted: 26 Sep 2017
Luzi Hail, Luzi Hail, Stephanie A. Sikes and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Colorado at Boulder - Leeds School of Business

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Tax capitalization, Personal taxes, Market risk, Cost of capital, Risk sharing, International economics

24.

Capital Gains Taxes, Pricing Spreads and Arbitrage: Evidence from Cross-Listed Firms in the U.S.

Downloads 574 ( 60,095)

Capital Gains Taxes, Pricing Spreads and Arbitrage: Evidence from Cross-Listed Firms in the U.S.

AFA 2006 Boston Meetings Paper, EFA 2005 Moscow Meetings Paper
Number of pages: 57 Posted: 11 Mar 2005 Last Revised: 15 Nov 2011
Jennifer Blouin, Luzi Hail, Luzi Hail and Michelle Yetman
University of Pennsylvania - Accounting Department, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of California, Davis - Graduate School of Management
Downloads 574 (59,446)
Citation 8

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Tax capitalization, Personal taxes, American Depositary Receipts, Arbitrage, Cost of Capital, International Asset Pricing

Capital Gains Taxes, Pricing Spreads, and Arbitrage: Evidence from Cross-Listed Firms in the U.S.

Accounting Review, Vol. 84, No. 5, pp. 1321-1361, 2009
Posted: 12 Jan 2009 Last Revised: 20 Nov 2011
Jennifer Blouin, Luzi Hail, Luzi Hail and Michelle Yetman
University of Pennsylvania - Accounting Department, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of California, Davis - Graduate School of Management

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Tax Capitalization, Personal Taxes, American Depositary Receipts, Arbitrage, Cost of Capital, International Asset Pricing

25.

Corporate Scandals and Regulation: Appendix on Data Collection for Historical Time-Series from 1800 to 2015

Number of pages: 175 Posted: 01 May 2017 Last Revised: 05 May 2018
Luzi Hail, Luzi Hail, Ahmed Tahoun and Clare Wang
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, London Business School and University of Colorado at Boulder - Leeds School of Business
Downloads 368 (102,676)
Citation 1

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Accounting fraud, Corporate scandals, Capital market regulation, Economics of regulation, Law and finance, International accounting

26.

Discussion of Investor Protection and Analysts' Cash Flow Forecasts Around the World

Downloads 355 (105,587)
Citation 7

Discussion of Investor Protection and Analysts' Cash Flow Forecasts Around the World

Number of pages: 26 Posted: 17 Jan 2007
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department
Downloads 355 (105,888)
Citation 7

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international accounting, investor protection, legal system, earnings quality, analyst forecasts, cash flows

Discussion of Investor Protection and Analysts' Cash Flow Forecasts Around the World

Review of Accounting Studies, Vol. 12, Nos. 2-3, pp. 421-441, 2007
Posted: 11 Jun 2007
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department

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International accounting, Investor protection, Legal system, Earnings quality, Analyst forecasts, Cash flows

27.

Reproducibility in Accounting Research: Views of the Research Community

Downloads 350 (108,285)
Citation 8

Reproducibility in Accounting Research: Views of the Research Community

Number of pages: 35 Posted: 06 Apr 2020 Last Revised: 07 Apr 2020
Luzi Hail, Luzi Hail, Mark H. Lang and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of North Carolina at Chapel Hill and University of Chicago - Booth School of Business
Downloads 350 (107,578)
Citation 8

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accounting research, ethics, expert survey, publication process, research methodology, replication, reproducibility

Reproducibility in Accounting Research: Views of the Research Community

Journal of Accounting Research, Volume 58, Issue 2 (2020)
Posted: 01 Jul 2020
Luzi Hail, Luzi Hail, Mark H. Lang and Christian Leuz
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of North Carolina at Chapel Hill and University of Chicago - Booth School of Business

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accounting research; ethics; expert survey; publication process; research methodology; replication; reproducibility

28.

Discussion of Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

Downloads 278 (139,173)
Citation 1

Discussion of Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

Number of pages: 28 Posted: 11 Jan 2011 Last Revised: 20 Nov 2011
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department
Downloads 278 (138,022)
Citation 1

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Voluntary Disclosure, Bonding Mechanisms, International Accounting, Regulation, Market Liquidity, Bid-Ask Spreads, Information Asymmetry

Discussion of Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

Journal of Accounting Research, Vol. 49, No. 2, pp. 573-594, 2011
Posted: 03 Apr 2011
Luzi Hail and Luzi Hail
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department

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Voluntary Disclosure, Bonding Mechanisms, International Accounting, Regulation, Market Liquidity, Bid-Ask Spreads, Information Asymmetry

29.

Executive Compensation Contracts in the Presence of Adverse Selection

Number of pages: 48 Posted: 17 Mar 2021
Chris Armstrong, Luzi Hail, Luzi Hail and Rachel Xi Zhang
University of Pennsylvania - Accounting Department, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and NUS Business School
Downloads 142 (255,444)

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executive compensation, CEO turnover, contract design, adverse selection, equity incentives, SFAS 123R

30.

Determinants and Career Consequences of Early Audit Partner Rotations

Number of pages: 53 Posted: 05 Oct 2021
Brandon Gipper, Luzi Hail, Luzi Hail and Christian Leuz
Stanford University Graduate School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business
Downloads 65 (433,666)

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auditor rotation, audit quality, audit partners, career development, audit industry, PCAOB

31.

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

Review of Accounting Studies, Vol. 26, No. 3, pp. 1176-1248, 2021
Posted: 18 Oct 2021
Hans Bonde Christensen, Luzi Hail, Luzi Hail and Christian Leuz
University of Chicago - Booth School of Business, University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department and University of Chicago - Booth School of Business

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Transparency, Regulation, SASB, GRI, Standard setting, Accounting standards, Mandatory disclosure, Environmental, social and governance (ESG)

32.

Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part II): Political Factors and Future Scenarios for U.S. Accounting Standards

Accounting Horizons, Vol. 24, No. 4, pp. 567-588, 2010
Posted: 18 Dec 2010
Luzi Hail, Luzi Hail, Christian Leuz and Peter D. Wysocki
University of Pennsylvania - The Wharton SchoolUniversity of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and Boston University Questrom School of Business

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Accounting Regulation, Standard Setting, U.S. Equity Markets, Mandatory Disclosure, Political Economy, Harmonization