Because analysts strategically allocate more effort to portfolio firms that are relatively more important for their careers, a firm's information environment is impacted by other firms covered by its analysts. Controlling for analyst and firm characteristics, an analyst makes more accurate,...

Traditional performance evaluation measures do not account for tail events and rare disasters. To address this issue, we reinterpret the riskiness measures of Aumann and Serrano (Journal of Political Economy, 2008) and Foster and Hart (Journal of Political Economy, 2009) as performance indices....

To test hypotheses about earnings management many studies investigate managers' manipulation of real activities (real earnings management, REM). Tests using measures of abnormal REM hinge critically on the measurement of normal real activities. Yet there is no systematic evidence on the...

The effects of the HIV/AIDS epidemic on fertility in Africa remains ill understood. To align the contrasting findings of recent empirical research, we develop a portfolio model that captures the potential trade-off between "quantity" and "quality" of offspring. According to this theoretical...