Department: Business.

Local based approach is a major category of methods for spatial outlier detection (SOD). Currently, there is a lack of systematic analysis on the statistical properties of this framework. For example, most methods assume identical and independent normal distributions(i.i.d. normal) for the...

This paper investigates financial analysts' predictive power of future performance and earnings quality, based on their selective coverage of firms that have recently cross-listed into the U.S. This setting is useful for examining these questions because, following cross-listing, firms often...

Is choice of incorporation state associated with differences in firms' fundamental attributes? We show that firms incorporated in Delaware are larger, younger, less profitable, more risky, spend more in Ramp;D, and have larger Tobin's Q than non-Delaware U.S. firms. Furthermore, we show that,...

This paper investigates financial analysts' predictive power of future performance and earnings quality, based on their selective coverage of firms that have recently cross-listed into the U.S. This setting is useful for examining these questions because, following cross-listing, firms often...

Prior to 1984, Delaware judges relied exclusively on the Delaware Block method - an appraisal formula based on trailing earnings and liquidation value - to price shares in shareholder litigation. In 1984, the Delaware Supreme Court changed the law to permit its judges to use any valuation method...

Assuming the clean surplus relation, the Edwards-Bell-Ohlson residual income valuation (RIV) model expresses market value of equity as the sum of the book value of equity and the expected discounted future residual incomes. Without assuming the clean surplus relation, Ohlson and Juettner-Nauroth...

While theory suggests that dividends can be an important signal for firm performance, prior studies have been unable to provide strong evidence of dividend signaling among publicly listed U.S. companies. One potential explanation for this inconsistency between theory and empirical evidence is...

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund...

We study the dividend optimization problem for a company where surplus in the absence of dividend payments follows a Cramér–Lundberg process compounded by constant force of interest. The company controls the times and amounts of dividend payments subject to reserve constraints that dividends...