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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
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.
Journal Article
Corporate Governance, Accounting Outcomes and Organizational Performance
July 2, 2007
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
October 10, 2019
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
October 1, 2002
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
February 24, 2017
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?
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.
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.
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.