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...

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...

While academics have extensively studied quantitative models of credit risk, far less is known about credit analysts' "behind-the-scenes" adjustments to the ratings generated by their models. Using both dictionary-based and topic modeling approaches, we examine whether and how credit analysts...