The paper investigates the effects of mark-to-market write-downs by financial institutions on market prices and volumes, as well as the prominent role that illiquidity plays in exacerbating the direct and spillover effects of exit valuation on equity and credit default swaps markets. Using a...

Mark-to-market accounting, as required by FAS No. 157, has been implicated as a contributor to the financial meltdown caused by the housing crisis and the consequent write-down of securities backed by mortgages (MBS) and collateralized debt obligations (CDO). In this paper, we investigate the...

We develop novel machine learning algorithms to construct metrics of visual readability in firms' annual reports. Firms increase their use of imagery content when there is more news coverage and greater asset growth during the year. Consistent with improvements in the information environment, an...

We develop a novel approach to identify characteristics of images that are likely to, and found to, affect investment decisions. We also create new methodologies to quantify these characteristics. We hypothesize and find that our newly developed machine learning-based measure of...

We develop a novel approach to identify characteristics of images that are likely to, and found to, affect investment decisions. We also create new methodologies to quantify these characteristics. We hypothesize and find that our newly developed machine learning-based measure of...