Prior research documents that asset growth is negatively associated with future firm performance. In contrast, we show that growth financed by product market stakeholders (i.e., “operating growth”) is positively associated with future firm performance. Investors and security analysts...

Using a sample of earnings restatements, we provide evidence that an empirical measure of the comparability in two firms' earnings (“earnings comparability”) captures the extent to which a firm's accounting choices and estimates are similar to those of its restating peer firm. We then...