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Alternative Thinking
Responsible Asset Selection: ESG in Portfolio Decisions
December 3, 2019
We discuss how Environmental, Social, and Governance (ESG) considerations may be incorporated in a portfolio and how they may affect risk and return outcomes.
Journal Article
Accruals and Future Performance: Can It Be Attributed to Risk?
April 4, 2015
We decompose broad based measures of accruals into firm specific and related firm components.
Journal Article
Fees Paid to Audit Firms, Accrual Choices and Corporate Governance
June 1, 2004
Research has shown that auditors’ tolerance for aggressive corporate accounting is correlated with the amount of fees the corporate client pays to the auditor for both audit and non-audit services.
Journal Article
Discussion of Consequences of Financial Reporting Failure for Outside Directors
May 2, 2005
Research by Suraj Srinivasan of the University of Chicago examines the turnover rates of outside directors at companies that restate their results.
Perspective
Killed This but Forgot to Stuff Garlic in its Mouth
February 13, 2017
Cliff takes issue with a Wall Street Journal editorial that argues not to expense stock options for employees making less than $100,000 a year.
Perspective
I Can't Define Short-Term Silliness but, Like Justice Stewart, I Know It When I See It
September 1, 2015
We think the media and investors remain too focused on short-term performance. We remind everyone that investment decisions should based on long-term assessments.
Perspective
Shareholder Value Is Undervalued
January 6, 2015
Some argue that maximizing shareholder value is a bad idea, but we think critics are attacking it for ancillary reasons. When defined properly, we believe maximizing shareholder value can indeed be a very good idea.
Perspective
Virtue Is its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor
May 18, 2017
We examine negative screening in Environmental, Social, and Governance (ESG) investing, often promoted as virtuous because it avoids “sin stocks” and other assets deemed undesirable. But does it also enhance expected returns?
Podcast
ESG: The Good, the Bad, and the Fuzzy
September 26, 2018
Is “doing good” good, bad or neutral for an investor’s portfolio? Three experts explain how they approach ESG investing, or the consideration of environmental, social, and governance issues.
Book
Evaluating Financial Reporting Quality
May 1, 2012
This chapter touches on major themes in financial reporting quality. Many of the techniques described here are used by analysts to make security recommendations and by asset managers in making portfolio allocation decisions.