We study the relationship between societal trust and informativeness of analyst research in a cross-country setting. We predict and find that societal trust have both direct and indirect effects on the informativeness of analyst forecasts. The direct effect is that in societies with higher...

Using textual analysis for a large sample of analyst reports, we find that analysts are more likely to use a DCF model and to discuss more cash flow and discount rate information for firms with more uncertainty, especially under heightened aggregate economic uncertainty and bearish market...

Research on capital structure and product market interactions shows that high leverage is associated with substantial losses in market share due to unfavorable actions by customers and competitors. We examine whether corporate social responsibility (CSR) affects firms' interactions with...

The high costs of disclosing confidential information lead firms with proprietary information to prefer private debt (bank loan) to public debt (corporate bond). We provide empirical evidence supporting this proposition using the staggered adoption of the inevitable disclosure doctrine (IDD) by...