We examine the trading skill of hedge funds using transaction-level data. After accounting for trading commissions, we find no evidence that the trades of the average hedge fund outperform across holding periods ranging from one month to one year. However, bootstrap simulations indicate that the...

We examine the relation between accounting reporting complexity and analysts’ performance and whether analysts’ qualifications, experience, and expertise in specific financial domains help them more effectively process complex information. We document an inverse relation between complexity...

This study examines individual analysts' relative strengths in earnings forecasting skill and stock picking skill. We define analysts with skill specialization when he has one skill substantially stronger than the other, and analysts with non-specialization when he has balanced skills. We follow...

Analyzing a large sample of gross fund-level and deal-level returns in Private Equity (PE), we study systematic differences in investment skills across PE firms and what investors can learn about the true skill of PE firms from past performance. We extend the framework of Korteweg and Sorensen...

Using a large proprietary database of institutional trades, this paper examines the interim (intra-quarter) trading skills of institutional investors. We find strong evidence that institutional investors earn significant abnormal returns on their trades within the trading quarter and that...

The social interaction preferences of tax professionals working in U.S. accounting firms are analyzed and compared with other public accounting firm personnel. Social skill preferences are analyzed using the FIRO-B methodology which has been widely validated and applied to accounting...

Background: During the COVID-19 pandemic, it became evident that supply chains were not as resilient as they should be. To cope with future disruptions or epidemic outbreaks, supply chain resilience should be improved based on lessons learnt from the impacts of COVID-19 to improve supply chain...