This study focuses on the impact of the California Non-Profit Integrity Act (2004) on executive compensation costs in affected nonprofit organizations. We find that, for affected organizations, executive compensation costs during post-regulation periods have gone up in comparison to control...

We investigate the incremental information conveyed by management forecast errors over and above the consensus analyst forecast error at the time of earnings announcement. To the extent that analysts rationally revise their forecasts to subsume information contained in management releases, it is...

Analysts’ cash flow (CPS) forecasts have been the topic of much recent research. While some prior research (for example, Givoly et al., 2009) suggests that these forecasts have very limited usefulness, Call et al. (2012) find evidence to the contrary. We take this body of research forward and...

This study examines the extent to which stock prices comove in an emerging economy, India. We first document that stocks listed on the National Stock Exchange (NSE) comove. Further, we find that synchronicity is positively associated with growth and earnings volatility and negatively associated...

Understanding how agents formulate their expectations about Fed behavior is critical for the design of monetary policy. In response to a lack of empirical support for a strict rationality assumption, monetary theorists have recently introduced learning by agents into their models. Although a...

It has been well documented that the consensus forecast from surveys of professional forecasters show a bias that varies over time. In this paper, we examine whether this bias may be due to forecasters having an asymmetric loss function. In contrast to previous research, we account for the time...

In this paper we propose a cross-sectional model of the determinants of asset price bubbles. Using 589 firms listed on the NYSE, we find conclusive evidence that trading volume and share price volatility have statistically significant effects on asset price bubbles. However, evidence from...

Understanding how agents formulate their expectations about Fed behavior is important for market participants because they can potentially use this information to make more accurate estimates of stock and bond prices. Although it is commonly assumed that agents learn over time, there is scant...

As is well known, when using an information criterion to select the number of common factors in factor models the appropriate penalty is generally indetermine in the sense that it can be scaled by an arbitrary constant, c say, without affecting consistency. In an influential paper, Hallin and...