Journal of Contemporary Accounting and Economics

Co-Editors F.A. Gul Monash University, Clayton, VIC, Australia, D.A. Simunic University of British Columbia, Vancouver, BC, Canada, B. Srinidhi City University of Hong Kong, Kowloon, Hong Kong, Consulting Editors S.P. Kothari Massachusetts Institute of Technology, Cambridge, MA, USA, K. Schipper Duke University, Durham, NC, USA, J. Tsui Hong Kong Polytechnic University, Kowloon, Hong Kong, R.L. Watts Massachusetts Institute of Technology, Cambridge, MA, USA, Associate Editors E. Bartov New York University, New York, NY, USA, J. Bouwens Tilburg University, Tilburg, Netherlands, M. Bradbury Massey University, Auckland, New Zealand, S. Cahan University of Auckland, Auckland, New Zealand, C. Chen China Europe International Business School (CEIBS), Shanghai, China, C.S.A. Cheng Louisiana State University, Baton Rouge, LA, USA, P. Clarkson University of Queensland, Brisbane, QLD, Australia, G. Clinch University of Melbourne, Melbourne, Australia, M. DeFond University of Southern California (USC), Los Angeles, CA, USA, J. Francis Duke University, Durham, NC, USA, J. Francis University of Missouri, Columbia, MO, USA, P. Griffin University of California at Davis, Davis, CA, USA, K. John Leonard Stern School of Business, New York, NY, USA, J.B. Kim City University of Hong Kong, Kowloon, Hong Kong, C. Lennox Nanyang Technological University, Singapore, Singapore, Z. Matolcsy University of Technology Sydney, Sydney, NSW, Australia, C. W. Park University of Hong Kong, Hong Kong, China, G. Pownall Emory University, Atlanta, GA, USA, S. Radhakrishnan University of Texas at Dallas, Richardson, USA, G. Richardson University of Toronto, Toronto, Canada, T. Shevlin University of Washington, Seattle, WA, USA, L. Shivakumar London Business School, London, UK, D.J. Skinner University of Chicago, Chicago, IL, USA, J. L. Zimmerman University of Rochester, New York, NY, USA