We investigate the change in the aggregate earnings-returns relation from negative to positive. We first identify a gradual structural break around the second quarter of 1991. We then find evidence of three contributing factors to the change in the relation. They are: i) an increase in the...

We examine whether differences in the accounting measurement of investment activities help explain the negative association between aggregate investments and future returns. We decompose aggregate investment activity into investments in tangible and intangible assets. We find that the previously...

We investigate the timeliness of fair value updates. We use a sample of firms required to disclose quarterly fair values for individual investments that use unobservable inputs and find evidence consistent with delayed updating and, on average, asymmetric incorporation of upward revaluations...

This study examines how aggregation in financial reporting leads to information loss using a sample of firms that report individual financial assets. The level of information loss increases with the level of aggregation; however, combining assets with similar risk-factor exposures mitigates this...