Showing 1 - 10 of 21
We study whether the sealing of a defendant's judicial records during a patent lawsuit filing correlates with the defendant's level of competition and disclosure. Courts permit sealing of judicial records when competitive damage outweighs the public interest in access to documents and records....
Persistent link: https://www.econbiz.de/10012909320
We study the market reaction to events leading up to and including the release of the SEC’s Proposed Mandatory Climate Risk Disclosures in firms’ financial statements. Our goal is to evaluate whether investors benefit from this proposal. We find the market, on average, does not react to...
Persistent link: https://www.econbiz.de/10014238305
We study how statutory-law changes relate to disclosure, pricing, and liquidity in the used-car market. Federal odometer laws mandated disclosure of mileage on car titles upon ownership transfer and thereby enhanced enforcement of odometer-fraud prohibitions. Exploiting time variations in state...
Persistent link: https://www.econbiz.de/10012847265
“Measurement error biases against [finding results]” is an often-repeated phrase used to dismiss validity threats arising from measurement error. As a general rule, this phrase is false. We provide examples of commonly encountered circumstances where the variable of interest is...
Persistent link: https://www.econbiz.de/10013242564
We use machine learning methods to create a comprehensive measure of credit risk based on qualitative information disclosed in conference calls and in management's discussion and analysis section of the 10- K. In out-of-sample tests, we find that our measure improves our ability to predict...
Persistent link: https://www.econbiz.de/10012852596
This monograph is not a review of the empirical accounting literature. This monograph tells a story and relates it to salient empirical phenomena. Why does accounting exist? Our answer is that financial accounting helps firms function efficiently. That efficiency is manifested in many ways, and...
Persistent link: https://www.econbiz.de/10012899532
Persistent link: https://www.econbiz.de/10011933694
This study investigates whether firm-specific information about targets improves acquisition efficiency. We define acquisition efficiency as the total surplus generated by an acquisition (Vickrey 1961; Milgrom 1989) and measure it as the difference in the value of the merged firm and the sum of the...
Persistent link: https://www.econbiz.de/10014200145
I/B/E/S removes 6% of one-quarter-ahead earnings forecasts from the calculation of the consensus forecast. This study examines managers' role in these removals. We show optimistic forecasts are removed more often than pessimistic forecasts, after controlling for removal policies that I/B/E/S...
Persistent link: https://www.econbiz.de/10012898780
We construct an information factor (INFO) using the informed stock buying of corporate insiders and the informed selling of short sellers and option traders. INFO strongly predicts future stock returns -- a long-short portfolio formed on INFO earns monthly alphas of 1.24%, substantially...
Persistent link: https://www.econbiz.de/10012898919