Motivated by research from the late 1990s and early 2000s, researchers often examine analyst performance as a function of individual analyst characteristics using variables representing analysts’ experience, busyness, and resources. Studies make different choices for variable construction and...

We examine variation in the reporting quality of private equity funds, in particular buyout and venture capital funds, relative to external monitoring, third-party service providers, and fund attributes. In contrast to evidence from public markets, we find limited evidence that investors affect...

Private equity firms have discretion over the timing of their funds' capital calls and distributions, making the popular internal rate of return (IRR) an incomplete measure of private equity fund performance. Do investors avoid the textbook pitfalls of the IRR when cash flow timing is partly...

Researchers often do not distinguish non-GAAP exclusions that increase earnings from those that decrease earnings, overlooking the fact that EPS-decreasing exclusions (about one fifth of all analysts’ exclusions) could have different properties and valuation implications. Using both...

This article reviews the academic literature on monitoring in private equity. Monitoring in private equity funds encompasses oversight or governance over the fund’s general partner (GP, who manages the fund) for the benefit of the fund’s limited partners (LPs, who invest in the fund). The...

We find that individual analysts following the same firm and quarter forecast different underlying street performance metrics. Relative to analysts whose street forecast is based on generally accepted accounting principles (GAAP), analysts who forecast street earnings using a non-GAAP...