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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.
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.
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.
Trade Publication
Hit 'Em Where It Hurts, ESG Investing 2.0
November 1, 2018
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.
White Paper
A Framework for Environmental, Social, and Governance Considerations in Portfolio Design
July 1, 2009
We propose a simple framework to consider the impacts of ESG issues with respect to their role in investment decisions.
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.
Working Paper
Earnings Quality and Financial Reporting Credibility: An Empirical Investigation
July 1, 1999
Firms with extremely high accruals experience subsequent reductions in earnings and are more likely to be subject to SEC enforcement actions. Do analysts anticipate the earnings reductions in their forecasts? We investigate here.
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?
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.