Combining novel data on analyst employment history and mutual fund commission payments, we show that client funds generate higher returns on stocks for which they have access to research by industry expert analysts. The outperformance is greater when funds are more important clients, and it...

Whether firms facing greater financing constraints turn to tax strategies that generate lower cash effective tax rates (ETRs) to mitigate the adverse effect of these financing constraints remains an empirical question of interest. We use the Pension Protection Act of 2006 (PPA 2006) as an...

We argue that institutional brokerage networks facilitate liquidity provision and mitigate price impact of large non-information motivated trades. Using commission payments, we map trading networks of mutual funds and brokers. We find central funds outperform peripheral funds, especially as...

This study examines whether firm-level earnings announcements aggregated on a given trading day are a timely, incremental source of macroeconomic information relative to numerous competing sources of regularly-released macroeconomic information. Using an exponential GARCH model for both the...

How can features of the markets for audit and non-audit services (NAS) affect an audit firm's incentives to invest in audit quality, the price at which it offers audits, social welfare, and the effects of prohibitions on providing NAS to audit clients and generally? We address this and related...

This paper examines whether the massive Chinese anti-corruption campaign ensnares corrupt firms, contains a political component, and reduces corporate corruption. Consistent with the campaign's stated objectives, Chinese firms with characteristics commonly associated with measures of poor...

This paper is the first to investigate the role of work-life balance in financial analysts' performance and career advancement. Using a large sample of Glassdoor reviews by financial analysts, we find a significant non-linear relation between perceived work-life balance and analyst performance...

We examine whether the complexity of mandatory accounting disclosures prompts managers to voluntarily disclose adjusted measures of actual earnings performance. We also explore whether this disclosure practice reflects attempts to obfuscate or to mitigate informational problems arising from...

We propose a methodology for estimating option-implied forward-looking variances and covariances of assets and portfolios, which may not possess actively-traded options. Our approach relies on the observation that any factor structure for stock returns naturally induces a factor structure for...