carf working paper - carf東京大学strong金融strong教育研究センター.pdf

C A R F W o r k i n g P a p e r CARF-F-127 DO ACCOUNTING AND FINANCE TOOLS SERVE GOVERNANCE? Mohamed Ariff University of Tokyo Bond University J. Ratnatunga Monash University August, 2008 CARF is presently supported by AIG, Bank of Tokyo-Mitsubishi UFJ, Ltd., Citigroup, Dai-ichi Mutual Life Insurance Company, Meiji Yasuda Life Insurance Company, Mizuho Financial Group, Inc., Nippon Life Insurance Company, Nomura Holdings, Inc. and Sumitomo Mitsui Banking Corporation (in alphabetical order). This financial support enables us to issue CARF Working Papers. CARF Working Papers can be downloaded without charge from: http://www.carf.e.u-tokyo.ac.jp/workingpaper/index.cgi Working Papers are a series of manuscripts in their draft form. They are not intended for circulation or distribution except as indicated by the author. For that reason Working Papers may not be reproduced or distributed without the written consent of the author. DO ACCOUNTING AND FINANCE TOOLS SERVE GOVERNANCE? by Mohamed Ariff and J. Ratnatunga+ University of Tokyo Bond University and +Monash University Mohamed Ariff Professor of Finance, Center for Advance Research in Finance (CARF) Economics, The University of Tokyo, Hongo, Tokyo, Japan Professor of Finance, Department of Finance, Bond University University Drive,