We study motives for and impacts of management discretion in inventory valuation. The semiconductor industry, with continual output price declines and rapid product obsolescence, provides an ideal setting to examine managers' inventory write-down and production decisions. In this context, we...

We build a Kyle-type pricing model with earnings and trading signals and estimate its deep parameters - the information advantages of traders and firms, the correlation between the firm and traders' information, and the noise variance. Moment conditions derived from the pricing rule yield a...

Economic and political commentators in India have repeatedly noted their concern about the recent slow-down in the Indian economy. Several recent papers have provided evidence that increase in the economic policy uncertainty (EPU) has played a significant role in the slow-down and the increase...

We propose a new measure of investor disagreement based on thirty-nine factors from the return-predicting anomaly literature. Consistent with theoretical work on volume, we show that a one standard deviation change in anomaly-based disagreement is associated with a 16.7% higher turnover in the...