We use employee predictions of their companies' six-month business outlook from Glassdoor.com to assess the information content of employee social media disclosures. We find that average employee outlook is incrementally informative in predicting future operating performance. Its information...

We investigate whether information possessed by rank-and-file employees is incorporated in top managers' expectations and decisions. Using employees' predictions of their company's business outlook from Glassdoor.com to measure the employees' information set, and using management earnings...

We investigate to what extent the market uses information that is predictive of whether earnings will meet or beat the analyst consensus forecast of earnings (MBE henceforth): measures of a firm's incentives to engage in MBE behavior, measures of constraints on MBE, measures of past MBE...

We describe the challenges of forecasting earnings in a globally interconnected marketplace, and we document inefficient use of information regarding foreign country exposures and expected country GDP growth at the consensus and individual forecast levels. A country's proximity to the US,...

We explore whether managers’ strong desire for good performance distorts their expectations and, consequently, corporate investment efficiency. We find that managers overweight favorable information and underweight unfavorable information, resulting in optimistic earnings guidance. We...

Drawing on the extensive economics literature on wage rigidity, we examine CEO bonus rigidity and, in particular, the implications of downward bonus rigidity for future performance. We first document distributional support for downward rigidity in bonus payments. More importantly, we find that...

Recent leaks expose corporate offshore vehicles, commonly used for tax evasion purposes but secret to outsiders, to the public. We examine the capital structure consequence of such exogenous leaks. Using a difference-in-differences approach, we document that firms exposed in offshore leaks...

The relation between product-market competition and voluntary corporate disclosure is fundamental, but empirical evidence of this relation has been mixed. One reason for the mixed evidence could be that both competition and disclosure are multidimensional. In this study we introduce a...

Based on behavioral economic and psychological theories, we predict that firms with financial statements that are more dissimilar from their industry peers' or their own past are more likely to draw scrutiny from the SEC. To test this prediction, we first construct measures of financial...

A novel 3D cadmium-based luminescent metal-organic framework {[Cd(L)(bpe) 0.5 ]·H 2 O} n ( 1 ) [L = 6-(3-pyridyl)isophthalic acid and 1,2-bis(4-pyridyl)ethane], has been successfully assembled by a solvothermal method. Luminescence sensing suggest that compound 1 displays excellent sensitivity...