There is significant disagreement about whether, when and why IPO firms manage earnings. We contribute to the literature by precisely identifying the timing and motives behind earnings management by IPO firms. We emphasize that the period around IPO is characterized by two distinct events: the...

We apply the IASB's conceptual framework to develop an accounting treatment for a cap-and-trade program. Under our treatment, firms recognize allowances as intangible assets, measured at fair value with a credit to cash for purchased allowances and to a current period gain for allocated...

We ope-rationalize a corporate governance framework developed and promoted by a diverse, influential group of diverse institutional investors. We find positive associations between consistency with the proposed framework and firm value for smaller firms in recent years, and negative associations...

This paper studies whether firms reporting losses subsequently experience higher levels of information asymmetry among investors relative to firms reporting profits. Using bid-ask spreads as a measure of information asymmetry, I test whether loss firms have higher bid-ask spreads than profit...

We examine the relation between earnings forecast accuracy and recommendation profitability to assess the effectiveness with which analysts translate forecasts into profitable recommendations. We find that after controlling for expertise, more accurate analysts make more profitable...