This study finds that greater asymmetric timeliness of earnings in reflecting good and bad news is associated with slower resolution of investor disagreement and uncertainty at earnings announcements. These findings indicate that a potential cost of asymmetric timeliness is added complexity from...

We document a significant increase in the reliability of target prices following the implementation of SRO-rulings, which were designed to mitigate sell-side analyst conflicts of interest. We test whether the increase is associated with the implementation of the rules’ provisions (the...

This study addresses whether firms' share prices correctly reflect two accounting measures, dirty surplus and really dirty surplus. Dirty surplus is readily observable from the financial statements, but really dirty surplus, which arises from recognizing equity transactions such as employee...