This paper examines how firm growth conditions the pricing of discretionary accruals. Given the rich growth opportunities and high information asymmetry in high-growth firms, we expect that managers have incentives to use discretionary accruals, especially income increasing (positive)...

This study identifies a new economic benefit of common institutional ownership, which refers to the increasingly contentious phenomenon of U.S. firms sharing stockholders with their industry competitors. We find a significantly negative relation between common ownership and insider trading...

We examine the relevance and effectiveness of stock return correlations among financial institutions as an indicator of systemic risk. By analyzing the trends and fluctuations of daily stock return correlations and default correlations among the 22 largest bank holding companies and investment...