This paper investigates whether the pattern of quarterly earnings changes provides a signal of earnings management. We identify firms for which the sign of (seasonal) earnings changes observed in interim quarters reverses in the fourth quarter. We hypothesize that a firm performing poorly in...

Operating leases have grown significantly as a source of corporate financing over the last 30 years. Their off-balance sheet treatment, which may in part explain their popularity, raises concern that financial risk may be misjudged and capital misallocated. Prior research evidence on the above...

I examine the effect of the accounting standard for derivative instruments (SFAS No. 133) on corporate risk-management behavior. I classify a derivative user as an "effective hedger" (EH firm) if its risk exposures decreased after the initiation of the derivatives program, and as an "ineffective...

In the present work, a waste heat power generation system is analyzed based on the criteria with and without considering the heat/exergy loss to the environment. For the criteria without considering the heat/exergy loss to the environment, the first- and second-law efficiencies display different...