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Perspective
Shareholder Value Is Undervalued
January 6, 2015
Some argue that maximizing shareholder value is a bad idea, but we think critics are attacking it for ancillary reasons. When defined properly, we believe maximizing shareholder value can indeed be a very good idea.
Perspective
Virtue Is its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor
May 18, 2017
We examine negative screening in Environmental, Social, and Governance (ESG) investing, often promoted as virtuous because it avoids “sin stocks” and other assets deemed undesirable. But does it also enhance expected returns?
Working Paper
Earnings Quality and Financial Reporting Credibility: An Empirical Investigation
July 1, 1999
Firms with extremely high accruals experience subsequent reductions in earnings and are more likely to be subject to SEC enforcement actions. Do analysts anticipate the earnings reductions in their forecasts? We investigate here.
Trade Publication
Hit 'Em Where It Hurts, ESG Investing 2.0
November 1, 2018
We suggest a new approach to ESG investing that we believe may be more effective in making negative investor views known to management — while at the same time potentially improving portfolio expected returns.
Working Paper
Back-Door Links Between Directors and Executive Compensation
February 1, 2005
A key task of a board of directors is to determine the compensation of the CEO. We studied whether ties between directors, or between the CEO and members of the compensation committee, affect how much the CEO receives.
Journal Article
Accruals and Future Performance: Can It Be Attributed to Risk?
April 4, 2015
We decompose broad based measures of accruals into firm specific and related firm components.
Journal Article
Fees Paid to Audit Firms, Accrual Choices and Corporate Governance
June 1, 2004
Research has shown that auditors’ tolerance for aggressive corporate accounting is correlated with the amount of fees the corporate client pays to the auditor for both audit and non-audit services.
Journal Article
Discussion of Consequences of Financial Reporting Failure for Outside Directors
May 2, 2005
Research by Suraj Srinivasan of the University of Chicago examines the turnover rates of outside directors at companies that restate their results.
Journal Article
The Role of Financial Economics in Securities Fraud Cases
January 1, 1991
Modern financial economics is becoming increasingly influential in securities fraud law.
Book
Evaluating Financial Reporting Quality
May 1, 2012
This chapter touches on major themes in financial reporting quality. Many of the techniques described here are used by analysts to make security recommendations and by asset managers in making portfolio allocation decisions.