We examine whether the quality of firms’ internal information systems influences the relation between inflation shocks and corporate investment, as posited by imperfect information models. We first document a positive relation between inflation shocks and investment, consistent with...

We examine the association between mandated Asset Retirement Obligations (ARO), i.e., environmental clean-up costs of normal operations estimated on the balance sheet, and the quality of voluntary ESG disclosures. We hypothesize that when firms recognize larger AROs with higher accuracy that...

We study the dynamic transmission of monetary policy shocks into firm profitability. By gauging the net effect of consumers’ and managers’ responses to these shocks, we find an initial negative association between the shocks and firm revenues and expenses. The revenue response is consistent...

We construct a measure of analyst-level distraction based on analysts' exposure to exogenous attention-grabbing events affecting firms under coverage. We find that temporarily distracted analysts achieve lower forecast accuracy, revise forecasts less frequently, and publish less informative...

Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased likelihood of analysts' issuing...