Corporate spin-offs create new firms with characteristics markedly different from the original firm. Consequently, institutional investors pre-committed to certain investment styles and/or subject to fiduciary restrictions have incentives to rebalance their portfolios at the time of the...

Corporate spin-offs create new firms with characteristics markedly different from the original firm. Consequently, institutional investors precommitted to certain investment styles or subject to fiduciary restrictions have incentives to rebalance their portfolios at the time of the spin-off. We...

Because spin-offs create new firms with characteristics markedly different from the original firm, institutional investors pre-committed to certain investment styles and/or subject to fiduciary restrictions have incentives to rebalance their portfolios at the time of the spin-off. Prior articles...

We demonstrate the role of three empirical properties of cross-sectional distributions of analysts' forecast errors in generating evidence pertinent to three important and heretofore separately analyzed phenomena studied in the analyst earnings forecast literature: purported bias (intentional or...

The extensive literature that investigates whether analysts' earnings forecasts are biased and/or inefficient has produced a history of conflicting evidence and no definitive answers to either question. This paper shows how two relatively small but statistically influential asymmetries in the...

We study the use of properties of analysts' forecasts as surrogates for unobservable constructs in empirical research. We provide an analytical framework with which to examine past empirical practice and contemplate future empirical research. Our model is used to interpret existing empirical...

This paper comprehensively reviews the Accounting for Income Taxes (AFIT). It begins by identifying four distinctive aspects of AFIT and briefly covering the rules surrounding AFIT. It then reviews the existing studies in detail and offers suggestions for future research. We emphasize the...

We compare the characteristics of US GAAP earnings for US firms with reconciled earnings for non-US firms cross listing on US markets. We find that the reconciled earnings for non-US firms differ systematically from US GAAP earnings for US firms, and are characterized by more evidence of...

Capital gains tax rates vary with the length of time that individuals hold property. This paper investigates whether these holding period incentives to defer (accelerate) the sale of appreciated (depreciated) property affect the prices of securities entering the Standard amp; Poor's 500 Stock...