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Trade Publication

Hit 'Em Where It Hurts, ESG Investing 2.0

We suggest a new approach to ESG investing that we believe may be more effective in making negative investor views known to management — while at the same time potentially improving portfolio expected returns.

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

Back-Door Links Between Directors and Executive Compensation

A key task of a board of directors is to determine the compensation of the CEO. We studied whether ties between directors, or between the CEO and members of the compensation committee, affect how much the CEO receives.

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.

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.

Working Paper

Information in Accruals About the Quality of Earnings

This paper provides a systematic examination of what accounting accruals—defined as the difference between earnings and free cash flows—can tell investors about earnings quality in the future.

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

The Role of Financial Economics in Securities Fraud Cases

Modern financial economics is becoming increasingly influential in securities fraud law.

Journal Article

Earnings Quality and Short Sellers

Earnings quality is often defined in terms of persistence and sustainability.