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Perspective

Shareholder Value Is Undervalued

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

I Can't Define Short-Term Silliness but, Like Justice Stewart, I Know It When I See It

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.

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.

Working Paper

Responsible Investing: The ESG-Efficient Frontier

Combining several large data sets, we compute the empirical ESG-efficient frontier and show the costs and benefits of responsible investing.

Working Paper

Predicting Earnings Management

Is accounting information useful to predict when corporate managers intentionally inflate reported earnings for their firms? To answer this, we study a sample of firms that were forced to restate earnings.

Journal Article

Assessing Risk through Environmental, Social and Governance Exposures

ESG investing may have a role in portfolios that extends beyond ethical considerations, particularly for investors interested in tilting toward safer stocks, and in a way that complements what is captured by traditional statistical risk models.

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

Fees Paid to Audit Firms, Accrual Choices and Corporate Governance

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.

Alternative Thinking

Responsible Asset Selection: ESG in Portfolio Decisions

We discuss how Environmental, Social, and Governance (ESG) considerations may be incorporated in a portfolio and how they may affect risk and return outcomes.

Perspective

Killed This but Forgot to Stuff Garlic in its Mouth

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.