Our analyses are based on the observation that the portion of change in enterprise value captured in earnings differs according to the source of value change. These sources are: (1) cash flows to/from debt holders, equity holders, and/or cash reserves; and, (2) changes in value of assets in...

Despite evidence on differences in how classes of investments correlate with present and future firm returns (Titman and Xie 2004; Eberhart et al, 2004), the literature does not yet show whether net present values across investment classes, imputed from contemporaneous firm returns, are distinct...

A feature of recent regulatory developments, such as CLERP 9 in Australia and Sarbannes Oxley in the United States, is that they prescribe uniform governance mechanisms for all firms, a 'one size fits all' approach. However, there is scant empirical evidence of whether this is efficient, and in...