We examine whether the concern of academics and regulators about the potential for insurers tosell similar assets due to the overlap in their holdings is justified. We measure this overlap usingcosine similarity and find that insurers with more similar portfolios have larger subsequent...

We examine whether fair value (FV) input levels and estimation sources are related to FV inflation, the difference between an insurer's FV estimate and the consensus FV estimate across the security's holders. FV inflation is higher and self-estimation more likely, when insurers report using...

We use text-based computational analysis of business descriptions from 10-Ks to examine in which industries conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to operate in industry pairs that are closer together in the...

This paper examines whether shocks to less visible product market network peers explain industry level post-earnings announcement drift (IPEAD). On the real-side, we find that peer earnings shocks propagate slowly through the peer network, creating a complex and conditional autocorrelation...

Many studies document predictable stock returns known as anomalies. We investigate whether insiders exploit anomalies and the consequences of mandatory disclosure using a large backward-extended insider trading database from 1975 to 2014. Our results suggest that all 13 anomalies we consider are...

A key question is why many multinational firms forgo foreign exchange derivative (FX) hedging and instead use operational hedging. We propose an explanation based on illiquidity and the unique advantages of operational hedges. We use 10-K filings to construct dynamically updated text-based...

We analyze the words that firms use to describe their products to examine multiple-industry firm operations. Our central finding is that multiple-industry firms operate across industries with higher product language overlap. Multiple-industry firms also avoid industries with more distinct...

We use text-based computational analysis of business descriptions from 10-Ks to examine in which industries conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to operate in industry pairs that are closer together in the...