We examine whether financial reporting frequency affects the speed with which accounting information is reflected in security prices. For a sample of 28,824 reporting-frequency observations from 1950 to 1973, we find little evidence of differences in timeliness between firms reporting quarterly...

A consensus forecast commonly represents a simple average, or equal weighting, of individual analyst forecasts. We demonstrate, however, that an equal-weight consensus generally does not aggregate information in individual analyst forecasts efficiently and that an aggregation scheme informed by...

In this paper, we use a Web-based sampling methodology to obtain and content analyze a large sample of modified audit opinions. Based on this analysis, we re-examine whether certain modified audit opinions are associated with abnormal accruals, as a proxy for earnings management. We find that...

This paper investigates financial analysts' predictive power of future performance and earnings quality, based on their selective coverage of firms that have recently cross-listed into the U.S. This setting is useful for examining these questions because, following cross-listing, firms often...

In this paper we investigate whether mutual fund managers engage in tax planning by testing whether they time securities sales in their funds in response to changes in capital gains tax rates. Although previous evidence suggests that individuals investors engage in this shifting behavior...

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund...

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund...