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Harvey, Campbell R. - 2019

We provide some new tools to evaluate trading strategies. When it is known that many strategies and combinations of strategies have been tried, we need to adjust our evaluation method for these multiple tests. Sharpe Ratios and other statistics will be overstated. Our methods are simple to...

Persistent link: https://www.econbiz.de/10012904784

A View Inside Corporate Risk Management

Bodnar, Gordon M. - 2016

Why do firms manage risk? According to theory, firms hedge to mitigate credit rationing, to alleviate information asymmetry, and to reduce the risk of financial distress. Empirical support for these theories is mixed. Our paper addresses the “why” by directly questioning the managers that...

Persistent link: https://www.econbiz.de/10013006433

Is Sector-neutrality in Factor Investing a Mistake?

Ehsani, Sina; Harvey, Campbell R.; Li, Feifei - 2022

Stock characteristics have two sources of predictive power. First, a characteristic might be valuable in identifying high or low expected returns across industries. Second, a characteristic might be useful in identifying individual stock expected returns within an industry. Past studies...

Persistent link: https://www.econbiz.de/10013321780

DeFi and the Future of Finance

Harvey, Campbell R.; Ramachandran, Ashwin; Santoro, Joey - 2021

Our legacy financial infrastructure has both limited growth opportunities and contributed to the inequality of opportunities. Around the world, 1.7 billion are unbanked. Small businesses, even those with a banking relationship, often must rely on high-cost financing, such as credit cards,...

Persistent link: https://www.econbiz.de/10013235184

What Do Financial Executives Say about Corporate Culture and Strategy?

Graham, John R.; Grennan, Jillian; Harvey, Campbell R.; … - 2022

new world of work. By reporting financial executives’ views of when, how, and why strategy and culture matter for … performance, we provide novel insights for scholars looking to improve their theories of strategy and culture and for … culture and strategy. We conclude by sharing ideas for building an effective corporate culture …

Persistent link: https://www.econbiz.de/10013403566

Earnings quality: Evidence from the field

Dichev, Ilia D.; Graham, John R.; Harvey, Campbell R.; … - In: Journal of Accounting and Economics 56 (2013) 2, pp. 1-33

We provide insights into earnings quality from a survey of 169 CFOs of public companies and in-depth interviews of 12 CFOs and two standard setters. CFOs believe that (i) above all, high-quality earnings are sustainable and repeatable; specific characteristics include consistent reporting...

Persistent link: https://www.econbiz.de/10011043072

Value Destruction and Financial Reporting Decisions

Graham, John R. - 2006

We recently conducted a comprehensive survey that analyzes how senior financial executives make decisions related to performance measurement and voluntary disclosure. In particular, we ask CFOs what earnings benchmarks they care about and which factors motivate executives to exercise discretion,...

Persistent link: https://www.econbiz.de/10012734913

The Theory and Practice of Corporate Risk Management : Evidence from the Field

Giambona, Erasmo - 2018

We survey more than 1,100 risk managers from around the world on their risk management policies, goals, and perceptions. We find evidence consistent with some of the traditional theories of risk management, but not with all. We then analyze the reasons beyond “why” or “why not” firms...

Persistent link: https://www.econbiz.de/10012924419

Modeling Analysts’ Recommendations via Bayesian Machine Learning

Bew, David - 2019

We apply state-of-the-art Bayesian machine learning to test whether we can extract valuable information from analysts' recommendations of stock performance. We use a probabilistic model for independent Bayesian classifier combination that has been successfully applied in both the physical and...

Persistent link: https://www.econbiz.de/10012897756

The Misrepresentation of Earnings

Dichev, Ilia D. - 2015

We ask nearly 400 CFOs about the definition and drivers of earnings quality, with a special emphasis on the prevalence and detection of earnings misrepresentation. CFOs believe that the hallmarks of earnings quality are sustainability, absence of one-time items, and backing by actual cash flows....

Persistent link: https://www.econbiz.de/10013034441

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