This paper develops a conceptual model that analyzes the impact of increasing market transparency under the Livestock Mandatory Reporting Act of 1999 on the incentives for collusion in the U.S. meatpacking industry. More than likely, meatpackers will have asymmetric priors regarding the...

We examine a novel but economically important characterization of trade credit relationships in which large investment-grade buyers borrow from their substantially smaller, often credit- constrained, suppliers. Using variation in large retailers' aggregate cash management policies as a shock to...

We address the demand for model-based earnings forecasts by proposing a cross-sectional model which incorporates three salient ideas. First, firm performance converges to expected levels over time; second, amounts from current financial statements are robust predictors of future performance; and...

Many papers in the academic and practitioner literature question the value-relevance of sell-side analysts' interpretation of information in 10-K filings. This paper examines the information content of analysts' forecast revisions that straddle 10-K filing dates, as compared to the information...

This paper examines whether 10K complexity has unintended consequences in terms of impairing price discovery in capital markets. More specifically, we examine the impact -- on market efficiency and information asymmetry -- of sell-side financial analysts' first revised forecasts following...