This paper aims to examine the impact of the determinants of profit forecast by companies on the level of detail of information published by the leaders. It analyzes the contribution of publications to reduce information asymmetry between managers and investors. From a sample of 50 companies...

The internet has created challenges for regulators of financial markets unimagined over eighty years ago by drafters of the Securities and Exchange Acts. The recent explosion in internet use has provided many benefits for investors and publicly-traded companies. The Internet has been a boon to...

Prior studies have shown that investment banking affiliations place pressure on analysts to produce optimistic recommendations on the investment bank's stock-clients. Our analysis of a large sample of recommendations issued from 1995 through 2003 indicates that a mutual fund affiliation also...

Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors' willingness to pay, arrangers expose themselves to pipeline risk: They have to retain larger shares when investors are willing to pay less than...

This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...

This Article provides the first sustained account of advice-giving as a fiduciary activity, and it demonstrates that the dominant approach to defining fiduciary relationships is flawed. Leading academic commentators assert that fiduciary relationships only arise when one party has discretion...

This essay considers Social Impact Bonds not from the point of view of the Investor, or the Government, or the Service Population, but from the vantage point of nonprofit organization officers and directors who contemplate a SIB venture. From this perspective, not all the foreseeable perils have...