Optimal Accounting Rules, Private Benefits of Control, and Efficient Liquidation

The authors thank Jeremy Bertomeu, Philip Bond, Qi Chen, Richard Frankel, Frank Gigler, Volker Laux, Katherine Schipper, and workshop participants at Duke University, Washington University in St. Louis, University of Hong Kong, University of Minnesota, an anonymous associate editor, two anonymous referees, and University of Washington for helpful comments. The authors thank Tim Gray for excellent editorial assistance.