We revisit the literature on using accounting earnings to estimate firm-level systematic risk, using macroeconomic indicators rather than listed-firm indexes to measure aggregate risk. Conventional listed-firm indexes reflect an unrepresentative subset of aggregate assets and thus are expected...

This study examines how industry peers share information when they are engaged in tacit collusion. We develop a model of firms' information sharing and production decisions and use it to establish that firms engaged in tacit collusion are more likely to share information when current market...

We hypothesize that firms are less likely to disclose information regarding a material negative economic event for which the firm is likely to be blamed than for a negative economic event for which the firm is likely to be perceived as blameless. We identify 383 material negative economic events...

Using 329 time-varying industry factors to capture heterogeneous revenue generation processes, we quantify the impact of ASC 606 on revenue recognition for US-listed firms. Relative to a dollar of revenue recognized in the current year, an average of 100 cents of revenue are recognized in the...

This paper develops a comprehensive framework that examines the earnings-returns relation based on cross-sectional and time-series variations. While the literature documents a declining relation over time using a cross-sectional analysis, an analysis of firm-level time series shows a slightly...

We draw from the SEC's concept of investors leveraging an information mosaic to predict that investors use soft information collected during face-to-face investor meetings to understand better the information released at subsequent earnings announcements. Our analysis examines firms that issue...