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Do Sell-Side Analysts Say "Buy" While Whispering "Sell"?
Hirshleifer, David; Shi, Yushui; Wu, Weili - National Bureau of Economic Research - 2022
We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus the buy-side mutual fund managers to whom they are connected. We consider cases in which analysts recommend that the public buys a stock, but some fund managers sell it. We...
Persistent link: https://www.econbiz.de/10013210060
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RIM-Based Value Premium and Factor Pricing Using Value-Price Divergence
Cong, Lin William; George, Nathan Darden; Wang, Guojun - National Bureau of Economic Research - 2023
We document that value-to-price, the ratio of Residual-Income-Model-based valuation to market price, subsumes the power of book-to-market ratio and many other value or quality measures in predicting stock returns. Long-short value-to-price portfolios hedge against momentum, revitalize the...
Persistent link: https://www.econbiz.de/10014226164
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Internalizing Externalities : Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality
Bonetti, Pietro; Leuz, Christian; Michelon, Giovanna - National Bureau of Economic Research - 2023
The rise of shale gas and tight oil development has triggered a major debate about hydraulic fracturing (HF). In an effort to mitigate risks from HF, especially with respect to water quality, many U.S. states have introduced disclosure mandates for HF wells and fracturing fluids. We use this...
Persistent link: https://www.econbiz.de/10013537736
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Accounting for Environmental Activity : Measuring Public Environmental Expenditures and the Environmental Goods and Services Sector in the US
Fixler, Dennis J.; Hass, Julie L.; Highfill, Tina; … - National Bureau of Economic Research - 2023
How much of the economy is focused on protecting, rehabilitating, or managing the environment? To answer this question, we develop a proof-of-concept environmental activity account to quantify the environmental goods and services sector (EGSS) in the United States. Methodologically, we employ a...
Persistent link: https://www.econbiz.de/10014337807
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Does Inflation Affect Earnings Relevance? A Century-Long Analysis
Binz, Oliver; Graham, John R.; Kubic, Matthew - National Bureau of Economic Research - 2024
Financial reports present assets, liabilities, and earnings on a nominal basis (unadjusted for inflation). Using a novel dataset of nearly a century of financial reports, this paper examines whether and how inflation affects the relation between accounting earnings and stock market value, i.e.,...
Persistent link: https://www.econbiz.de/10014528402
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Trade policy, income risk, and welfare
Krebs, Tom - 2005
"This paper studies empirically the relationship between trade policy and individual income risk faced by workers, and … three steps. First, longitudinal data on workers are used to estimate time-varying individual income risk parameters in … various manufacturing sectors. Second, the estimated income risk parameters and data on trade barriers are used to analyze the …
Persistent link: https://www.econbiz.de/10010522578
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Risk aspects of investment-based social security reform
Campbell, John Y. (contributor);  … - 2001
Persistent link: https://www.econbiz.de/10001476940
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The Tenuous Tradeoff Between Risk and Incentives
Prendergast, Canice - 2000
Empirical work testing for a negative tradeoff between risk and incentives, a cornerstone of agency theory, has not had …
Persistent link: https://www.econbiz.de/10012470935
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Mortality Risk, Inflation Risk, and Annuity Products
Brown, Jeffrey R. - 2000
As growing numbers of retirees reach retirement age with substantial balances in self-directed retirement plans, annuities are likely to become increasingly important instruments for drawing down retirement savings. This study explores recent trends in the pricing of single-premium annuity...
Persistent link: https://www.econbiz.de/10012470938
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Firm Value, Risk, and Growth Opportunities
Shin, Hyun-Han - 2000
's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk … is associated with a fall in q. The negative relation between the change in total risk and the change in q is robust …
Persistent link: https://www.econbiz.de/10012470942