We examine how client product similarity within an auditor’s portfolio affects audit efficiency and pricing decisions. Using a unique set of intra-portfolio client-level data, we find that clients with product offerings more similar to those of other clients in the auditor’s portfolio are...

This study examines the effect of common institutional ownership on corporate pension funding. We posit that a common owner’s incentive to maximize shareholder value may come at the cost of employee welfare. Consistent with this prediction, we find robust evidence that firms with common...

This study examines the effect of stock liquidity on corporate risk-taking behavior. We find that stock liquidity has a positive and significant effect on corporate risk-taking. We find consistent results when we use the Split Share Structure Reform (SSSR) in China as an exogenous shock to stock...

We analyze whether industry competition is an important factor in analyst coverage decisions and whether analysts benefit from covering product market competitors. We find that analysts are more likely to cover a firm when this firm competes with and offers more similar products to the firms...

We analyze whether product market competition is an important factor in analyst coverage decisions and whether analysts benefit from covering product market competitors. We find that analysts are more likely to cover a firm When this firm competes with and offers more similar products to the...

We use information from product descriptions in firm 10-Ks to analyze whether product market competition influences analysts' decisions to cover firms, the accuracy and consistency of their earnings reports and their likelihood of obtaining Analyst All-Star status. We find that a firm's analyst...