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Journal Article

Accounting Anomalies and Fundamental Analysis

In this paper, we survey research in accounting anomalies and fundamental analysis, using the forecasting of future earnings and returns as our organizing framework.

Journal Article

Accrual Reliability, Earnings Persistence and Stock Prices

We formally model the implications of reliability for earnings persistence, with our model predicting that less reliable accruals result in lower earnings persistence.

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

Adverse Selection and the Required Return

Securities are traded by buyers and sellers with different levels of knowledge about those securities.

Chief Investment Quarterly

You Can’t Hedge, but You Can Diversify

Investors may benefit from adding diversifiers to their portfolios, but diversifiers aren’t hedges. Hedges serve a different purpose…unless they’re from Texas.

Journal Article

Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns

Individual retail investors actively reallocate their money across different mutual funds.

Chief Investment Quarterly

Late Cycle Syndrome

The concern that the economy is nearing the end of its expansion phase has important implications for investors. We take a look at the data on “late cycle” indicators to see what they really tell us.

Journal Article

What Makes Stock Prices Move? Fundamentals vs. Investor Recognition

Behavioral finance research documents that investors are more likely to hold “attention grabbing” stocks —those of firms that currently have popular products and services, such as Apple and Pandora.

Journal Article

Why Not 100% Equities

In a 1994 article “College and University Endowment Funds: Why Not 100% Equities?” Richard H.

Journal Article

Overinvestment of Free Cash Flow

This paper focuses on using accounting information to better explain the relationship between free cash flow and overinvestment.