Nonstationarity in the relationship between corporate governance and accounting conservatism
研究发现法律冲击（萨班斯-奥克斯利法案）和经济冲击（2007/2008金融危机）改变了公司治理特征与会计稳健性之间的关系，并指出固定效应面板回归的局限性。
Abstract Noe and Rebello (2012) argue that a firm's environment is not stationary and, as a result, the relationships between corporate governance and firm behavior change to adapt to changes in its environment. We provide evidence that a legal shock (Sarbanes–Oxley Act) and an economic shock (2007/2008 financial crisis) induced changes in the relationships between different corporate governance features and a firm's tendency to report conservatively. Additionally, we provide evidence on the weakness of fixed effects panel regressions to fully understand the effects of various corporate governance features on a firm's tendency to report conservatively.