In about 20%-30% of cases where an analyst revises two outputs (namely, earnings estimates, target prices, or stock recommendations) simultaneously, the two estimates are revised in opposite directions. Existing literature notes that these inconsistent outputs are widespread, and concludes that...

This paper examines the effects of accounting-based thresholds in regulation on growth decisionsin the banking industry. To investigate this relation we study changes in growth around the $10billion asset threshold specified in the Dodd-Frank Act. We first document that in the yearsafter the new...

This paper studies financial statement consistency--the purported means to comparability--from an information perspective. We model consistency as firms' required propensity to apply common accounting methods to individual transactions, and show that it creates information spillover through...

This study examines whether the percentage of retail ownership of a firm is associated with the likelihood that the firm is subject to monitoring and enforcement by the two largest divisions of the SEC. We find a negative association between retail ownership percentage and SEC monitoring. In...

This paper examines whether public bank managers change both the composition and classification of their investment portfolios after SFAS 157. We first show that non-agency mortgage-backed securities (MBSNA) are the asset class most likely to be measured using level 3 inputs, which are based on...