This study explores the factors associated with companies' regulatory filing choices surrounding the restatement of previously filed financial statements. Companies have three regulatory filing alternatives of decreasing transparency: file an 8-K report, file an amended report, or restate the...

We provide insights into the inputs and valuation models used by valuation specialists. We survey 172 valuation specialists and conduct several follow-up interviews covering various topics, including the valuation inputs, models, and industry information that they use, as well as how they...

We investigate the association between public versus private ownership and future long-term changes in profitability. Managers have long debated the implications of public and private corporate ownership; however, little empirical research has provided insight into the issue. We find robust...

This study examines whether the improvement in analyst forecast accuracy around mandatory IFRS adoption is associated with the improvement in the accuracy of financial statement-based forecasts. We find significant out-of-sample improvement in financial statement-based forecast accuracy around...

We integrate fundamental analysis with mean-variance portfolio optimization to form fully optimized fundamental portfolios. We find that fully optimized fundamental portfolios produce large out-of-sample factor alphas with high Sharpe ratios. They substantially outperform equal-weighted and...

Prior literature documents a positive (negative) relation between past (future) stock returns and both external financing and capital expenditures. There has been much debate in the literature regarding the mechanisms driving these relations. In this study, we employ both a stock's extreme...

We hypothesize that firms are less likely to disclose information regarding a material negative economic event for which the firm is likely to be blamed than for a negative economic event for which the firm is likely to be perceived as blameless. We identify 383 material negative economic events...

We exploit survey data from the Panel Study of Entrepreneurial Dynamics to investigate the roleof accounting in the likelihood that a small business more quickly achieves and maintains positiveoperating cash flow (profitability). We examine several potential aspects of accounting includingthe...

We find that individual analysts following the same firm and quarter forecast different underlying street performance metrics. Relative to analysts whose street forecast is based on generally accepted accounting principles (GAAP), analysts who forecast street earnings using a non-GAAP...

The vast majority of U.S. public firms announce earnings in the post-close (between the closing bell and midnight, or PC) or the pre-open (between midnight and the opening bell, or PO). Prior literature generally treats PC and PO announcements as equivalent when measuring the market reaction to...