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Holding constant amount of flexibility, changes in incentives move disclosure in the direction favored by those incentives. top finance schools This evidence suggests that future research into the governance role of financial accounting information has the potential to detect first-order economic effects. business school accounting Experienced buy-side analysts treated the accounting acquisition premium in a merger in part based on its classification. Our examples include and integrate experiments that fall into both the ‘‘behavioral’’ and ‘‘experimental economics’’ literatures in accounting. top finance schoolsschool of accounting and management 4 Despite the central role of information costs in these theories, until recently little attention has been given by empirical researchers to the role of the information environment per se in explaining crosscountry differences in economic growth and efficiency. business school accounting He found that experienced buy-side analysts who had knowledge of the differential stock price effect of debt and equity issuances found in financial economics research responded to the issuance of hybrid securities based on their categorization. top finance schools J. business school accounting This evidence suggests that future research into the governance role of financial accounting information has the potential to detect first-order economic effects. Researchers also have examined the role of accounting information in the operation of other governance mechanisms. accounting business