This study seeks to determine ifmore highly leveraged rate-regulated firms are positively affectedby accounting standards that increase recognized expenses. Itfinds a positive relation between leverage and market reactionsto SFAS 106 for rate-regulated firms. Further, results indicatethat this positive relation is an increasing function of thelevel of financial leverage and the extent to which the regulatoryclimate is favorable.
Review of Accounting Studies – Springer Journals
Published: Oct 16, 2004
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