This study examines biases in stock prices and financial analysts' earnings forecasts. These biases take the form of systematic overweighting or underweighting of the persistence characteristics of cash versus accrual earnings components. Our evidence suggests that stock prices tend to...

As a result of a 2003 SEC regulation intended to increase the transparency of firms' off-balance sheet obligations, tabular data on purchase obligations became available in the MD&A section of firms' 10-Ks. We develop a program to read the text of these disclosures and we create a database to...

This paper investigates how supply chain management (SCM) efficiency affects the value investors attach to the change in a company's inventory holdings. Based on a large number of U.S. firms from 1971 to 2013, we find that, on average, one dollar of inventory change is valued at $0.507 in the...