This study investigates the association among readability of analyst reports, stock prices, and expectations of future earnings. Readability is one important feature of analyst reports that may affect value-relevant information. We find that analyst report readability reduces forecast dispersion...

Drawing on the political theory of judicial decision making, our paper proposes a new and parsimonious ex ante litigation risk measure: federal judge ideology. We find that judge ideology complements existing measures of litigation risk based on industry membership and firm characteristics....

Drawing on the political theory of judicial decision making, our paper proposes a new and parsimonious ex ante litigation risk measure: federal judge ideology. We find that judge ideology complements existing measures of litigation risk based on industry membership and firm characteristics....

This study examines contingencies written in firms’ material product market contracts, focusing on i) exogenous uncertainty as an ex-ante determinant, and ii) operating efficiency and market beta as ex-post consequences. We extract material contracts from firms’ public regulatory filings and...