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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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Does Corporate Governance Matter in Competitive Industries?
Giroud, Xavier - 2009
By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a...
Persistent link: https://www.econbiz.de/10012463770
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What Drives Differences in Management?
Bloom, Nicholas - 2017
Partnering with the Census we implement a new survey of "structured" management practices in 32,000 US manufacturing … plants. We find an enormous dispersion of management practices across plants, with 40% of this variation across plants within … the same firm. This management variation accounts for about a fifth of the spread of productivity, a similar fraction as …
Persistent link: https://www.econbiz.de/10012455381
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The economics of school choice
Hoxby, Caroline M. (ed.) - 2003
Persistent link: https://www.econbiz.de/10001686747
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Does Product Market Competition Reduce Agency Costs?
Jagannathan, Ravi - 2000
The folk wisdom is that competition reduces agency costs. We provide indirect empirical support for this view. We argue that the temptation to retain cash and engage in less productive activities is more severe for firms in less competitive industries. Hence an unanticipated increase in...
Persistent link: https://www.econbiz.de/10012471296
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Competition and the Cost of Capital Revisited : Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds
Gershberg, Alec Ian - 1999
We explore the effects of two kinds of competition on the cost of capital in the tax-exempt bond market: (1) competition amongst underwriters and (2) competition amongst issuers (most of which are quasi-public special authorities sanctioned by state governments). The first kind of...
Persistent link: https://www.econbiz.de/10012471428