This paper analyzes how managers of young firms choose among various modes of investor communications, using data on analyst presentations, management earnings forecasts, press releases and corporate finance disbursements for a sample of 645 post-IPO firms. Firms that plan to access capital...

Analysis of a sample of 253 joint venture announcements suggests that joint ventures tend to be announced when the parent firms' performance is deteriorating. However, the parent firms earn positive abnormal returns around the announcement date. There is considerable cross-sectional variation in...

We empirically investigate valuations of Internet firms at various stages of the initial public offering (IPO) from two perspectives. First, we examine the association between the valuation of Internet IPOs and a set of financial and nonfinancial variables, which prior anecdotal or empirical...

This paper tests whether a strategy based on financial statement analysis of low book-to-market (growth) stocks is successful in differentiating between winners and losers in terms of future stock performance. I create an index (G_SCORE) based on a combination of traditional fundamentals such as...

Prior research generally finds that firms underreport option expense by managing assumptions underlying option valuation (e.g. they shorten the expected option lives), but it fails to document management of a key assumption, the one concerning expected stock-price volatility. Using a new...

This paper examines the impact of Nasdaq Listing Standards on the composition of new listings in the late 1990s. The Nasdaq has two types of listing standards: one based on profitability and the second based explicitly or implicitly on market capitalization. Specifically, unprofitable firms are...

This paper investigates the decision by top-level executives of more than 1,200 public corporations to exercise large stock option awards in the period 1992-2001. We hypothesize and find that abnormally large option exercises predict stock return future performance. We then hypothesize that this...

We estimate implied cost of equity capital for a sample of firms from 1984 to 1998 using the Ohlson and Juettner (2000) model that does not make restrictive assumptions about clean surplus and payout policies. We find that cost of equity capital is strongly positively associated with...