This study documents that investors care about companies' greenhouse gas (GHG) emission disclosures. Three kinds of evidence support this finding. First, using companies that disclose GHG emissions voluntarily through the Carbon Disclosure Project (CDP), we show that investors act as if they use...

This paper examines insider trading around first-time debt covenant violation disclosures in SEC filings, and is interesting from a research and regulatory standpoint for three reasons – delay and infrequency of a first-time disclosure, lack of attention to covenant disclosures by regulators,...

The battle between Microsoft and Google will shape how our society makes use of technology, computing, and information. It will determine which firm will shape and control the future of computing, and ultimately profit from it. This face-off pits a world of computing which the operating system...

We show that stocks that experience a sudden increase in idiosyncratic volatility earn abnormally high contemporaneous returns but significantly underperform otherwise similar stocks in the future. Our findings indicate that volatility shocks can be traced to unusual firm-level news. We...

Using new data on market-based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67 percent at the end of 1932 and hovering around that value for most of the...

This paper considers an appointment scheduling system that accommodates routine patients who book well in advance as well as same-day patients with acute needs who call in the morning for an appointment later that day. In addition to determining the appointment times that are assigned up-front...

Algorithms that search for good solutions to optimization problems present a trace of current best objective values over time. We describe parametric models of this progression that are both interesting as ways to characterize the search progression in a compact way and useful as means of...

This paper analyzes the impact of FD enforcement by calculating (1) the aggregate market gain to covered investors from access to selective information during the FD violation period and (2) the market response to the SEC enforcement announcement, at which time public investors first learn of an...

Using a novel data set of institutional investors' bond holdings, we study a transmission mechanism that explains the contagion of the financial crisis of 2007-2008 from the securitized bond market to the corporate bond market. We argue that the crisis shock was propagated by the behavior of...

This paper uses market response tests to document key factors that help explain why investors find some auditor change announcements informative and others not. We find that the key drivers of investor response relate more to economic fundamentals than to the auditor change attributes in...