We show that a pattern of earnings management in bank financial statements has little bearing on downside risk during quiet periods, but seems to have a big impact during a financial crisis. More aggressive earnings managers prior to 2007 exhibit substantially higher risk once the financial...

It is well known that an unbiased forecast of the terminal value of a portfolio requires compounding at the arithmetic mean rate of return over the investment horizon. Yet, the procedure applied to the standard unbiased estimator of the mean return, while maximum likelihood, produces very biased...

"Essentials of Investments, Twelfth Edition, is intended as a textbook on investment analysis most applicable for a student's first course in investments. The chapters are written in a modular format to give instructors the flexibility to either omit certain chapters or rearrange their order....