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Journal Article

Macro to Micro: Country Exposures, Firm Fundamentals and Stock Returns

In an increasingly interconnected global system of economic and financial markets, understanding the macroeconomic landscape is important.

Journal Article

The Implications of Accounting Distortions and Growth for Accruals and Profitability

This paper examines alternative explanations for the differential persistence of the accrual and cash flow components of earnings.

Journal Article

The Persistence and Pricing of the Cash Component of Earnings

In this paper, we provide a detailed investigation of the persistence and pricing of the cash component of earnings.

Journal Article

Stock Market Anomalies: What Can We Learn From Repurchases and Insider Trading?

In this paper, we examine whether managers’ trading decisions (both at a firm and personal level) are correlated with trading strategies suggested by the operating accruals anomaly and the post-earnings announcement drift (also known as the standardized unexpected earnings, or SUE) anomaly.

Journal Article

The Book-to-Price Effect in Stock Returns

Fama and French (1992) observe that book-to-price ratios (B/P) are positively correlated with later stock returns, a relation that has come to be known as the book-to-price (or book-to-market or HML) effect.

Journal Article

Corporate Governance, Accounting Outcomes and Organizational Performance

The purpose of this paper is to start the process of developing reliable and valid measures to assess how corporate governance affects corporate performance.

Journal Article

Asset Reliability and Security Prices Evidence From Credit Markets

This paper explores the relation between the reliability of an enterprise’s accounting and its security prices.

Journal Article

Accounting Anomalies and Fundamental Analysis

In this paper, we survey research in accounting anomalies and fundamental analysis, using the forecasting of future earnings and returns as our organizing framework.

Journal Article

Accruals and Future Performance: Can It Be Attributed to Risk?

We decompose broad based measures of accruals into firm specific and related firm components.

Journal Article

Accrual Reliability, Earnings Persistence and Stock Prices

We formally model the implications of reliability for earnings persistence, with our model predicting that less reliable accruals result in lower earnings persistence.