The Enron scandal offers the opportunity to assess the degree to which misleading accounting can affect connected firms and industry rivals. While the market was inept at detecting the inaccuracy of Enron’s financial statements, it swiftly punished many connected firms once Enron's faulty...

We examine the revaluation of target security firms, their respective acquirers, both banks and non-banks, and their corresponding rivals before and after the major consolidation wave of 1994 to 1997. We find that target security firms as well as their respective acquirers are favorably revalued...

Profit efficiency is an econometric financial performance measure of how well actual profitability compares to a best-practice frontier. We compare the profit efficiency of small (under $100 million in total assets), medium, and large (over $1 billion) commercial banks for the period 1995 to...