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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

A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price

We provide a framework for identifying accounting numbers that indicate risk and expected return.

Working Paper

External Financing and Future Stock Returns

We provide an analysis of the relationship between external financing transactions—equity offerings, debt offerings and bank borrowings—and future stock returns. Our results provide new insights, by accounting for omitted variables in prior research.

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

Stock Market Anomalies: What Can We Learn From Repurchases and Insider Trading?

In this paper, we examine whether managers’ trading decisions (both at a firm and personal level) are correlated with trading strategies suggested by the operating accruals anomaly and the post-earnings announcement drift (also known as the standardized unexpected earnings, or SUE) anomaly.

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.

Journal Article

Macro to Micro: Country Exposures, Firm Fundamentals and Stock Returns

In an increasingly interconnected global system of economic and financial markets, understanding the macroeconomic landscape is important.

Journal Article

Buyback Derangement Syndrome

Winner of an “Outstanding Article” award in the 20th Annual Bernstein Fabozzi/Jacobs Levy Awards. A seemingly large amount of stock buybacks in recent years has prompted many to claim that buybacks have come at the expense of new investment. Our latest paper shows why neither the theory nor the evidence supports this view.

Journal Article

Asset Reliability and Security Prices Evidence From Credit Markets

This paper explores the relation between the reliability of an enterprise’s accounting and its security prices.