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Journal Article

Value Investing in Credit Markets

In this paper we outline an approach to make use of accounting and market based information to forecast corporate default.

Journal Article

What Makes Stock Prices Move? Fundamentals vs. Investor Recognition

Behavioral finance research documents that investors are more likely to hold “attention grabbing” stocks —those of firms that currently have popular products and services, such as Apple and Pandora.

Journal Article

Why Are Earnings Kinky? An Examination of the Earnings Management Explanation

An empirical regularity documented by Hayn (1995) is that there is a ‘‘kink’’ in the earnings distribution: too few firms report small losses and too many firms report small profits.

Journal Article

Common Factors in Corporate Bond and Bond Fund Returns

This paper undertakes a comprehensive analysis of cross-sectional determinants of corporate bond excess returns. We find strong evidence of positive risk-adjusted returns to measures of carry, defensive, momentum and value.

Journal Article

Overinvestment of Free Cash Flow

This paper focuses on using accounting information to better explain the relationship between free cash flow and overinvestment.

Journal Article

Discretionary Disclosure: A Note

Much work has been devoted to studying optimal levels of discretionary corporate disclosures, a topic of particular interest since electronic communication has dramatically lowered the cost of sharing information once printed and mailed to each shareholder.

Journal Article

The Persistence and Pricing of the Cash Component of Earnings

In this paper, we provide a detailed investigation of the persistence and pricing of the cash component of earnings.

Journal Article

The Implications of Accounting Distortions and Growth for Accruals and Profitability

This paper examines alternative explanations for the differential persistence of the accrual and cash flow components of earnings.

Working Paper

Pump and Dump: An Empirical Analysis of the Relation Between Corporate Financing Activities and Sell-side Analyst Research

Sell-side analysts have long faced allegations that pressures to generate investment banking business compromise the soundness of their research. This paper examines the relation between corporate financing activities and sell-side analyst research.

Journal Article

Style Investing in Fixed Income

A disciplined, systematic approach to over-/underweight securities based on well-known factors, or styles, such as value, momentum, carry and defensive, can offer alternative sources of outperformance not only within equities but also within fixed income markets.