We investigate the relation between predictable market returns and predictable analyst forecast errors. Perfect correlation between predictable components of forecast errors and abnormal returns would lend credence to the view that pricing anomalies are not merely an artifact of inadequately...

We assess the impact of the recent financial crisis and government interventions to ameliorate the ensuing recession on corporate bond returns through the lens of bond market reactions to news conveyed by changes in aggregate earnings as a proxy for changes in expected future cash flows and...

We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory. We...