We examine whether management earnings forecast errors exhibit serial correlation and how analysts understand the serial correlation property of management forecast errors. Management forecast errors should not exhibit serial correlation if managers efficiently process information in prior...

We test whether early Affordable Care Act (ACA) Medicaid expansions in Connecticut (CT), Minnesota (MN), California (CA), and the District of Columbia (DC) affected SSI applications, SSI and DI awards, and the number of SSI and DI beneficiaries. We use a difference-in-difference (DD) approach,...

We examine the extent to which current operating cash flows are incorporated in future earnings targets in executive compensation. Using target and actual compensation earnings per share (EPS) disclosed in proxy statements for large U.S. public companies, we find that revision of the following...

There is growing concern that the COVID-19 pandemic may have severe, adverse effects on the health care sector, a sector of the economy that historically has been somewhat shielded from the business cycle. In this paper, we study one aspect of this issue by estimating the magnitude of the...

The purpose of this study is to analyze the structure of debts in different aged group, as well as executive pension arrangements. For whom aged under 50 categorizes as the junior executive group, while for whom aged above 50 categorizes as the senior executive group. The dataset is selected...

We study how local leaders matter for economic growth by examining the impacts of exogenous rotation of leaders across China's provinces on inter-provincial land transactions. We show that a local provincial leader attracts investment in industrial land from the province of the leader's previous...

High-quality firms sometimes under-invest in Corporate Social Responsibility (CSR) compared to lower quality firms. We show that information asymmetry in product quality could explain this behavior. Specifically, in a monopoly with information asymmetry, if only a small fraction of consumers is...

We test for heterogeneity in the effects of the COVID-19 recession on young workers by estimating month-by-month effects of the pandemic on labor market outcomes among workers aged 15-19 and aged 20-24. We use CPS data from January 2016 to June 2021, limiting the sample to childless individuals...