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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.

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.

White Paper

A Framework for Environmental, Social, and Governance Considerations in Portfolio Design

We propose a simple framework to consider the impacts of ESG issues with respect to their role in investment decisions.

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.

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

Virtue Is its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor

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?

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

The Role of Financial Economics in Securities Fraud Cases

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

Journal Article

Managerial Decision Making and Capital Structure

This article investigates leverage influence on project selection.

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.