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Journal Article

Style Investing in Fixed Income Markets

A disciplined, systematic approach to over/underweight securities based on well-known factors, or styles, such as value, momentum, carry and defensive (sometimes called “quality”), can offer alternative sources of outperformance not only within equities, where these ideas have long been studied and applied, but also within fixed income markets.

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

Discretionary Disclosure: A Note

Much work has been devoted to studying optimal levels of discretionary corporate disclosures, a topic of particular interest since electronic communication has dramatically lowered the cost of sharing information once printed and mailed to each shareholder.

Journal Article

Discussion of Consequences of Financial Reporting Failure for Outside Directors

Research by Suraj Srinivasan of the University of Chicago examines the turnover rates of outside directors at companies that restate their results.

Journal Article

Do Analysts and Auditors Use Information in Accruals?

Companies with high accruals tend to experience future earnings problems, research has shown.

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

The Relation Between Corporate Financing Activities, Analysts’ Forecasts and Stock Returns

This paper looks at the negative relation between external financing activities and future stock returns.

Journal Article

Reliability of Asset Revaluations: The Impact of Appraiser Independence

In this paper we use a sample of recognized Australian asset revaluations to examine whether there are differences in the reliability of asset revaluations made by boards of directors versus independent (external) appraisers.

Journal Article

Overinvestment of Free Cash Flow

This paper focuses on using accounting information to better explain the relationship between free cash flow and overinvestment.

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.