This study investigates the informativeness of purchase price allocations (PPAs) that involve fair value estimation of acquired assets and liabilities after a business combination. Using a model capturing the amount of goodwill expected after the initial announcement of an acquisition, we...

Traditional forms of expertise are increasingly challenged in different domains, not least because of the possibilities offered by the spread of the Internet. We aim to understand how a claim to alternative expertise in the investment domain emerged, developed, and propagated, taking advantage...