This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 20,000 firm-year observations of U.S. corporations from 1987-1993. Our" multivariate tests indicate the average value of a firm with international operations is 2.2% higher than...

Many life insurance companies outside the US disclose embedded value (EV), an actuarial estimate of the present value of the future net cash flows arising from the company's in-force life insurance business. Industry surveys have shown that EV is used by analysts for valuation purposes. However,...

This study examines the economics of the timing of adoption of "SFAS No. 13, Accounting for Leases by Lessees". We analyzed actual debt contracts of the affected firms to determine whether they were based on GAAP or Non-GAAP accounting rules. We also examined what actions were taken by...