References
- Abadie, A. (2005). Semiparametric difference-in-differences Estimators. The Review of Economic Studies, 72(1), 1–19. https://doi.org/10.1111/0034-6527.00321
- Ahmed, A. S., Neel, M., & Wang, D. (2013). Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence. Contemporary Accounting Research, 30(4), 1344–1372. https://doi.org/10.1111/j.1911-3846.2012.01193.x
- Altamuro, J., Beatty, A. L., & Weber, J. (2005). The effects of accelerated revenue recognition on earnings management and earnings informativeness: Evidence from SEC Staff accounting bulletin No. 101. The Accounting Review, 80(2), 373–401. https://doi.org/10.2308/accr.2005.80.2.373
- Arya, A., Glover, J. C., & Sunder, S. (2003). Are unmanaged earnings always better for shareholders? Accounting Horizons, 17(s-1), 111–116. https://doi.org/10.2308/acch.2003.17.s-1.111
- Ball, R. (2001). Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on Financial Services, 2001(1), 127–169. https://doi.org/10.1353/pfs.2001.0002
- Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 29(1), 1–51. https://doi.org/10.1016/S0165-4101(00)00012-4
- Ball, R., Robin, A., & Wu, J. S. (2003). Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36(1-3), 235–270. https://doi.org/10.1016/j.jacceco.2003.10.003
- Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1–24. https://doi.org/10.1111/j.1911-3846.1998.tb00547.x
- Betzer, A., & Theissen, E. (2010). Sooner or Later: An analysis of the delays in insider trading reporting. Journal of Business Finance & Accounting, 37(1-2), 130–147. https://doi.org/10.1111/j.1468-5957.2009.02173.x
- Böcking, H. J., Gros, M., & Worret, D. (2015). Enforcement of accounting standards: How effective is the German two-tier system in detecting earnings management? Review of Managerial Science, 9(3), 431–485. https://doi.org/10.1007/s11846-014-0159-z
- Brocard, M., Franke, B., & Voeller, D. (2018). Enforcement actions and auditor changes. European Accounting Review, 27(3), 407–436. https://doi.org/10.1080/09638180.2017.1307130
- Brown, P., Preiato, J., & Tarca, A. (2014). Measuring country differences in enforcement of accounting standards: An audit and enforcement proxy. Journal of Business Finance & Accounting, 41(1-2), 1–52. https://doi.org/10.1111/jbfa.12066
- Brown, P., & Tarca, A. (2005). A commentary on issues relating to the enforcement of international financial reporting standards in the EU. European Accounting Review, 14(1), 181–212. https://doi.org/10.1080/0963818042000338997
- Brüggemann, U., Daske, H., Homburg, C., & Pope, P. F. (2012). How do individual investors react to global IFRS adoption? Working Paper. Humboldt University of Berlin, University of Mannheim, University of Cologne, and Cass Business School.
- Brüggemann, U., Hitz, J. M., & Sellhorn, T. (2013). Intended and unintended consequences of mandatory IFRS adoption: A review of extant evidence and suggestions for future research. European Accounting Review, 22(1), 1–37. https://doi.org/10.1080/09638180.2012.718487
- Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2308/accr.2006.81.5.983
- Campbell, J. (1996). Understanding risk and return. Journal of Political Economy, 104(2), 298–345. https://doi.org/10.1086/262026
- Chen, W., Hribar, P., & Melessa, S. (2018). Incorrect inferences when using residuals as dependent variables. Journal of Accounting Research, 56(3), 751–796. https://doi.org/10.1111/1475-679X.12195
- Christensen, H. B., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2), 147–177. https://doi.org/10.1016/j.jacceco.2013.10.007
- Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement. Review of Financial Studies, 29(11), 2885–2924. https://doi.org/10.1093/rfs/hhw055
- Christensen, H. B., Liu, L. Y., & Maffett, M. G. (2019). Proactive financial reporting enforcement and shareholder wealth. Journal of Accounting and Economics, forthcoming.
- Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual-based earnings management in the pre-and post-sarbanes-oxley periods. The Accounting Review, 83(3), 757–787. https://doi.org/10.2308/accr.2008.83.3.757
- Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002
- Cumming, D., Johan, S., & Li, D. (2011). Exchange trading rules and stock market liquidity. Journal of Financial Economics, 99(3), 651–671. https://doi.org/10.1016/j.jfineco.2010.10.001
- Daske, H., & Gebhardt, G. (2006). International financial reporting standards and experts’ perceptions of disclosure quality. Abacus, 42(3-4), 461–498. https://doi.org/10.1111/j.1467-6281.2006.00211.x
- Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495–547. https://doi.org/10.1111/1475-679X.12005
- Dechow, P. M., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
- Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225.
- DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and the manipulation of accruals. Journal of Accounting and Economics, 17(1), 145–176. https://doi.org/10.1016/0165-4101(94)90008-6
- Doidge, C., Karolyi, G. A., & Stulz, R. M. (2004). Why are foreign firms listed in the US worth more? Journal of Financial Economics, 71(2), 205–238. https://doi.org/10.1016/S0304-405X(03)00183-1
- Ernstberger, J., Stich, M., & Vogler, O. (2012). Economic consequences of accounting enforcement reforms: The case of Germany. European Accounting Review, 21(2), 217–251. https://doi.org/10.1080/09638180.2011.628096
- European Securities and Markets Authority (ESMA). (2013). Activity report of the IFRS enforcement activities in Europe in 2012.
- Ewert, R., & Wagenhofer, A. (2012). Earnings management, conservatism, and earnings quality. Foundations and Trends in Accounting, 6(2), 65–186. https://doi.org/10.1561/1400000025
- Ewert, R., & Wagenhofer, A. (2015). Economic relations among earnings quality measures. Abacus, 51(3), 311–355. https://doi.org/10.1111/abac.12054
- Ewert, R., & Wagenhofer, A. (2016). Why more forward-looking accounting standards can reduce financial reporting quality. European Accounting Review, 25(3), 487–513. https://doi.org/10.1080/09638180.2015.1043927
- Ewert, R., & Wagenhofer, A. (2019). Effects of increasing enforcement on financial reporting quality and audit quality. Journal of Accounting Research, 57(1), 121–168. https://doi.org/10.1111/1475-679X.12251
- Fiechter, P., Halberkann, J., & Meyer, C. (2018). Determinants and consequences of a voluntary turn away from IFRS to Local GAAP: Evidence from Switzerland. European Accounting Review, 27(5), 955–989. https://doi.org/10.1080/09638180.2017.1375418
- Financial Reporting Enforcement Panel (FREP). (2010). Annual Activity Report 2009. Berlin.
- Financial Reporting Enforcement Panel (FREP). (2009). Information on the Examination Process of the Financial Reporting Enforcement Panel. Berlin.
- Florou, A., Morricone, S., & Pope, P. F. (2019). Proactive financial reporting enforcement: Audit fees and financial reporting quality effects. The Accounting Review, forthcoming.
- Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. https://doi.org/10.1016/j.jacceco.2004.06.003
- Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53–99. https://doi.org/10.1111/j.1475-679X.2008.00267.x
- Francis, J. R., & Krishnan, J. (1999). Accounting accruals and auditor reporting conservatism. Contemporary Accounting Research, 16(1), 135–165. https://doi.org/10.1111/j.1911-3846.1999.tb00577.x
- Freier, R., Schumann, M., & Siedler, T. (2015). The earnings returns to graduating with honors – evidence from law graduates. Labour Economics, 34, 39–50. https://doi.org/10.1016/j.labeco.2015.03.001
- Gu, Z., Lee, C.-W. J., & Rosett, J. G. (2005). What determines the variability of accounting accruals? Review of Quantitative Finance and Accounting, 24(3), 313–334. https://doi.org/10.1007/s11156-005-6869-1
- Guay, W. R., Kothari, S. P., & Watts, R. L. (1996). A market-based evaluation of discretionary accruals models. Journal of Accounting Research, 34(Supplement), 83–105. https://doi.org/10.2307/2491427
- Hail, L., Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the US (part I): Conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355–394. https://doi.org/10.2308/acch.2010.24.3.355
- Hainmueller, J. (2012). Entropy balancing for causal effects: A multivariate reweighting method to produce balanced samples in observational studies. Political Analysis, 20(1), 25–46. https://doi.org/10.1093/pan/mpr025
- Hanlon, M., Maydew, E. L., & Shevlin, T. (2008). An unintended consequence of book-tax conformity: A loss of earnings informativeness. Journal of Accounting and Economics, 46(2-3), 294–311. https://doi.org/10.1016/j.jacceco.2008.09.003
- Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1-3), 85–107. https://doi.org/10.1016/0165-4101(85)90029-1
- Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365
- Hitz, J.-M., Ernstberger, J., & Stich, M. (2012). Enforcement of accounting standards in Europe: Capital-market-based evidence for the two-tier mechanism in Germany. European Accounting Review, 21(2), 253–281. https://doi.org/10.1080/09638180.2011.641727
- Holthausen, R. W. (2009). Accounting standards, financial reporting outcomes, and enforcement. Journal of Accounting Research, 47(2), 447–458. https://doi.org/10.1111/j.1475-679X.2009.00330.x
- Hribar, P., & Nichols, D. C. (2007). The use of unsigned earnings quality measures in tests of earnings management. Journal of Accounting Research, 45(5), 1017–1053. https://doi.org/10.1111/j.1475-679X.2007.00259.x
- Hung, M. (2000). Accounting standards and value relevance of financial statements: An international analysis. Journal of Accounting and Economics, 30(3), 401–420. https://doi.org/10.1016/S0165-4101(01)00011-8
- International Accounting Standards Board (IASB). (2010). Conceptual Framework for Financial Reporting. London.
- International Monetary Fund (IMF). (2013). Austria 2013 Article IV Consultation – IMF Country Report No. 13/280. Washington, DC.
- Iselin, D., & Siliverstovs, B. (2016). Using newspapers for tracking the business cycle: A comparative study for Germany and Switzerland. Applied Economics, 48(12), 1103–1118. https://doi.org/10.1080/00036846.2015.1093085
- Jamal, K., & Tan, H.-T. (2010). Joint effects of principles-based versus rules-based standards and auditor type in constraining financial managers’ aggressive reporting. The Accounting Review, 85(4), 1325–1346. https://doi.org/10.2308/accr.2010.85.4.1325
- Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
- Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance matters VIII: Aggregate and individual governance indicators 1996–2008. Working Paper, Brookings Institutions and The World Bank.
- Kothari, S. P. (2000). The role of financial reporting in reducing financial risks in the market. Conference Series – Federal Reserve Bank of Boston, 44, 89–112.
- Kothari, S. P. (2001). Capital markets research in accounting. Journal of Accounting and Economics, 31(1-3), 105–231. https://doi.org/10.1016/S0165-4101(01)00030-1
- Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
- Larcker, D. F., & Richardson, S. A. (2004). Fees paid to audit firms, accrual choices, and corporate governance. Journal of Accounting Research, 42(3), 625–658. https://doi.org/10.1111/j.1475-679X.2004.t01-1-00143.x
- Lechner, M., Rodriguez-Planas, N., & Fernández-Kranz, D. (2016). Difference-in-difference estimation by FE and OLS when there is panel non-response. Journal of Applied Statistics, 43(11), 2044–2052. https://doi.org/10.1080/02664763.2015.1126240
- Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527. https://doi.org/10.1016/S0304-405X(03)00121-1
- Leuz, C., & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525–622. https://doi.org/10.1111/1475-679X.12115
- Linck, J. S., Netter, J., & Shu, T. (2013). Can managers use discretionary accruals to ease financial constraints? Evidence from discretionary accruals prior to Investment. The Accounting Review, 88(6), 2117–2143. https://doi.org/10.2308/accr-50537
- Louis, H., & Robinson, D. (2005). Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits. Journal of Accounting and Economics, 39(2), 361–380. https://doi.org/10.1016/j.jacceco.2004.07.004
- Lu, T., & Sapra, H. (2009). Auditor conservatism and investment efficiency. The Accounting Review, 84(6), 1933–1958. https://doi.org/10.2308/accr.2009.84.6.1933
- Marcus, J. (2013). The effect of unemployment on the mental health of spouses – evidence from plant closures in Germany. Journal of Health Economics, 32(3), 546–558. https://doi.org/10.1016/j.jhealeco.2013.02.004
- Marquardt, C. A., & Wiedman, C. I. (2004). The effect of earnings management on the value relevance of accounting information. Journal of Business Finance & Accounting, 31(3-4), 297–332. https://doi.org/10.1111/j.0306-686X.2004.00541.x
- McMullin, J. L., & Schonberger, B. (2019). Entropy-balanced discretionary accruals. Review of Accounting Studies, forthcoming.
- Meusburger, P., & Pelger, C. (2020). Co-constructing compliance with IFRS. Working Paper, University of Innsbruck.
- Meyer, B. D. (1995). Natural und Quasi-experiments in economics. Journal of Business & Economic Statistics, 13(2), 151–161.
- Owens, E. L., Wu, J. S., & Zimmerman, J. (2017). Idiosyncratic shocks to firm underlying economics and abnormal accruals. The Accounting Review, 92(2), 183–219. https://doi.org/10.2308/accr-51523
- Peek, E., Meuwissen, R., Moers, F., & Vanstraelen, A. (2013). Comparing abnormal accruals estimates across samples: An international test. European Accounting Review, 22(3), 533–572. https://doi.org/10.1080/09638180.2012.746518
- PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft (PwC) and Deutsches Aktieninstitut e.V. (2009). Erfahrungen mit DPR-Prüfungen - Ergebnisse einer Umfrage unter führungskräften im Rechnungswesen Kapitalmarktorientierter Unternehmen.
- Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance. Chapter 7 in the Handbook of Economics and Finance, Elsevier Science.
- Robin, A., & Wu, Q. (2015). Firm growth and the pricing of discretionary accruals. Review of Quantitative Finance and Accounting, 45(3), 561–590. https://doi.org/10.1007/s11156-014-0447-3
- Sankar, M. R., & Subramanyam, K. R. (2001). Reporting discretion and private information communication through earnings. Journal of Accounting Research, 39(2), 365–386. https://doi.org/10.1111/1475-679X.00017
- Shroff, N., Verdi, R. S., & Yost, B. P. (2017). When does the peer information environment matter? Journal of Accounting and Economics, 64(2–3), 183–214. https://doi.org/10.1016/j.jacceco.2017.03.005
- Spamann, H. (2010). The ‘antidirector rights index’ revisited. Review of Financial Studies, 23(2), 467–486. https://doi.org/10.1093/rfs/hhp067
- Subramanyam, K. R. (1996). The pricing of discretionary accruals. Journal of Accounting and Economics, 22(1), 249–281. https://doi.org/10.1016/S0165-4101(96)00434-X
- SWX Swiss Exchange. (2003). Admission Board Communiqué No. 2/2003 of 10 February 2003: IFRS or US GAAP for main trading segment of SWX.
- SWX Swiss Exchange. (2005). Admission Board Communiqué No. 7/2005 of 15 June 2005: Rules for the Listing on the SWX ‘EU-compatible’ Segment.
- Tucker, J. W., & Zarowin, P. A. (2006). Does income smoothing improve earnings informativeness? The Accounting Review, 81(1), 251–270. https://doi.org/10.2308/accr.2006.81.1.251
- Vismara, S., Paleari, S., & Ritter, J. R. (2012). Europe’s second markets for small companies. European Financial Management, 18(3), 352–388. https://doi.org/10.1111/j.1468-036X.2012.00641.x
- Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. Prentice-Hall.
- Zeff, S. A. (2016). ‘In the literature’ but wrong: Switzerland and the adoption of IFRS. Journal of Accounting and Public Policy, 35(1), 1–2. https://doi.org/10.1016/j.jaccpubpol.2015.11.007