Prior research finds evidence suggesting a long-term trend of declining accruals quality in the U.S. Using the Dechow and Dichev (2002) accruals quality measure, we provide new evidence that this decline began to reverse around 2000, with accruals quality generally improving through 2016. We...

Using a sample from 22 countries, I investigate the relations between the accuracy of analysts' earnings forecasts and the level of annual report disclosure; and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively...

In this paper, we examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide, but the...

We examine the out-of-sample performance of 240 stock market anomalies enhanced by 49 machine learning algorithms and over 260 individually trained models across an international data sample of nearly 1.9 billion stock-month-anomaly observations from 1980 to 2019. We demonstrate significant...

We examine the value of analyst recommendations across 45 countries and 3.8 million firm-month observations from 1994 to 2019. Recommendation-based portfolio strategies lead to highly significant (insignificant) abnormal returns in international markets (in the U.S.). In line with...

Cryptocurrencies have grown exponentially and gained increasing attention in recent years, and while it's true that it's secure by design, “Security” remains the cornerstone of any and all cryptoassets.To benchmark the global cryptocurrencies market from a security perspective, track current...

The relative importance of country- and industry-specified factors vis-à-vis company-specific financial-statement-based information in explaining equity valuation multiples in an international setting is examined. Both country-specific effects via previously identified variables and an...

This study examines the relation between asset liquidity and stock liquidity across 47 countries. In support of the valuation uncertainty hypothesis, we find that firms with greater asset liquidity on average have higher stock liquidity. More importantly, our study shows that asset liquidity...

The internet is an enormous and growing source of information for investors about the opinions of others. Virtually any individual with internet access can express opinions about firms and editorialize about company news. However, to date we know very little about the impact these nontraditional...

We investigate the equity valuation effects of social media websites during one of the world's largest events: the Olympics. Using listings of Olympic-firms posted on Chinese social media websites in the years leading up to the Olympics, we identify those firms that are publicly labeled and...