Bird, Karolyi, and Ruchti (2019) estimate a structural model of earnings management in the setting of meeting-or-beating the analyst consensus forecast. I provide an overview of their methods and findings, and then discuss the assumptions, benefits, and limitations of their approach

We investigate the experience of companies listing and raising capital on the AIM, which is privately regulated and relies on Nominated Advisors who compete for listings and provide regulatory oversight. AIM firms underperform newly listed firms on traditionally regulated exchanges based on...

We investigate the extent to which hedge fund managers smooth self-reported returns. In contrast to prior research on the "anomalous" properties of hedge fund returns, we observe the mechanisms used to price the fund's investment positions and report the fund's performance to investors, thereby...

We propose a parsimonious stochastic model of reported earnings that links misreporting to performance shocks. Our main analytical prediction is that misreporting leads to a negative second-order autocorrelation in the residuals from a regression of current earnings on lagged earnings. We also...