The search for a moral foundation for capitalism has a long history that continues to unfold, yet many are unaware of this search or its implications for the future of capitalism. The recent pandemic has uncovered cracks in the foundation of capitalism and raised doubts regarding its ability to...

This study provides empirical evidence on factors that drive differential interpretation of earnings announcements. We document that Kandel and Pearson's forecast measures of differential interpretation are decreasing in proxies for earnings quality and pre-announcement information quality. This...

In agency theory, offering a flat salary contract under unobservable effort creates a moral hazard problem because the agent is motivated to shirk and provide less than a previously agreed-upon level of effort. We examine a moral solution to this moral hazard problem. In particular, we present a...