Working Papers

Our original research not yet submitted to a peer-reviewed journal; doctoral dissertations.

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  1. This paper contradicts the view held by many that a low dividend payout ratio is a sign that future earnings growth will be above historical averages.

  2. This paper explores the effect of technological advances on these features of the market, emphasizing the incentives facing the producers of financial information.

  3. Total accruals, defined as the difference between earnings and free cash flows, provide an intuitive, robust and parsimonious measure of earnings quality.

  4. This paper explorers the link between future stock returns and key financial ratios, both analytically and empirically. More specifically, the paper analyzes how shocks to operating/financing measures, like net income margin, asset turnover efficiency and financial leverage through Du Pont decomposition, would affect stocks returns and volatility.

  5. An investigation of the stories that encourage the purchase or retention of stocks or mutual funds.

  6. This paper examines whether short sellers base trades on firms’ accruals, since research shows that firms with high accruals are more likely to post disappointing results.

  7. We argue that firms want to “beat their benchmark” (i.e., avoid disappointing analysts) since small earnings disappointments lead to large stock price declines.

  8. This paper looks at within-industry variables and across-industry variables to better predict firms' stock returns.

  9. Revaluations of corporate assets are more reliable when they are conducted by independent valuers rather than by corporate officers.

  10. Companies with high accruals are more likely to experience future earnings reversals and SEC enforcement actions, but we find that even investor intermediaries act as if they do not know this.