We compare the value and credit relevance of financial statements under fair-value and smoothing (SFAS-87) models of pension accounting. The fair-value model does not improve the value relevance of the balance sheet and may impair that of income and the combined financial statements, unless...

We compare the value and credit relevance of financial statements under fair-value and smoothing (SFAS-87) models of pension accounting. The fair-value model does not improve the value relevance of the balance sheet and may impair that of income and the combined financial statements, unless...

While conditional conservatism is useful to investors and creditors for various reasons, it potentially reduces the usefulness of GAAP earnings for valuation by investors. Consistent with this conjecture, we find evidence suggesting that conditional conservatism reduces GAAP earnings...

We examine the association between I/B/E/S's disclosure of non-GAAP earnings and investor uncertainty around earnings announcements. On one hand, investor uncertainty may decrease with I/B/E/S's non-GAAP disclosure because these disclosures make investors aware of alternative performance...

We use big data on customer shopping patterns to explain variation in the persistence of a company’s revenues and earnings. Using GPS location data from customers’ mobile devices that encompasses nearly 2.9 billion visits to over 1 million retail locations belonging to 285 U.S. companies, we...

Participant lenders in syndicated loans depend on information collected by the lead lender for borrower screening and monitoring, as the lead lender is primarily responsible for ex-ante due diligence in evaluating borrowers. This gives rise to both moral hazard and adverse selection concerns...