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Now showing items 1-10 of 12
Evidence on the Use of Unverifiable Estimates in Required Goodwill Impairment
(Springer, 2012)
SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted managers will, on average, use the fair value estimates to convey ...
Issuer Quality and Corporate Bond Returns
(Oxford University Press (OUP), 2013)
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing ...
Can Analysts Assess Fundamental Risk and Valuation Uncertainty? An Empirical Analysis of Scenario-Based Value Estimates
(Elsevier, 2016)
We use a dataset of sell-side analysts' scenario-based valuation estimates to examine whether analysts reliably assess the risk surrounding a firm's fundamental value. We find that the spread in analysts' state-side ...
The Price of Diversifiable Risk in Venture Capital and Private Equity
(Oxford University Press (OUP), 2013)
This paper explores the private equity and venture capital (VC) markets and extends the standard principal-agent problem between the investors and venture capitalist to show how it alters the interaction between the venture ...
Daily Horizons: Evidence of Narrow Bracketing in Judgments from 9,000 MBA Admission Interviews
(SAGE Publications, 2013)
Many professionals, from auditors and lawyers, to clinical psychologists and journal editors, divide a continuous flow of judgments into subsets. College admissions interviewers, for instance, evaluate but a handful of ...
Accounting for Crises
(American Economic Association, 2014)
We provide among the first empirical evidence consistent with recent macro global-game crisis models, which show that the precision of public signals can coordinate crises (e.g., Angeletos and Werning, 2006; Morris and ...
Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks
(2012)
Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve ...
What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?
(2011)
We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking ...
What Factors Drive Analyst Forecasts?
(2011)
A firm's competitive environment, its strategic choices, and its internal capabilities are considered important determinants of its future performance. Yet there is little evidence on whether analysts' forecasts of firm ...
Boardroom Centrality and Firm Performance
(2013)
Firms with central or well-connected boards of directors earn superior risk-adjusted stock returns. Initiating a long position in the most central firms and a short position in the least central firms earns an average ...