We find that web traffic is relevant for explaining market values and stock returns of pure Internet companies after controlling for accounting information such as book and values earnings. However, we find weak associations between web traffic and sales levels and sales growth. We conjecture...

In this study we investigate the role played by managerial actions in explaining stock market returns and accounting earnings of 57 Internet firms engaged in Business-to-Business (B2B) e-commerce. We classify 3,166 managerial actions undertaken by our sample firms between the firm's IPO date and...

This paper investigates the role of non-financial performance measures in executive compensation. Using a sample of Internet firms we document that web traffic, an important non-financial measure for firms in the Internet industry, is positively associated with CEO total compensation and total...

Campbell et al. (2001) document that firms’ stock returns have become more volatile in the U.S. since 1960. We hypothesize and find that deteriorating earnings quality is associated with higher idiosyncratic return volatility over 1962–2001. These results are robust to controlling for (i)...

Campbell et al. (2001) document that firms' stock returns have become more volatile in the U.S. since 1960. We hypothesize and find that deteriorating earnings quality is associated with higher idiosyncratic return volatility over 1962-2001. These results are robust to controlling for (i)...

The ways in which managers communicate information to capital market participants go far beyond financial statements and accounting numbers. Managers communicate economically relevant information both verbally, in documents distributed and available to investors (such as annual reports and SEC...