We investigate whether increased investor demand for financial information arising from higher market uncertainty leads to greater media coverage of earnings announcements. We also investigate whether greater coverage during times of higher uncertainty further destabilizes financial markets...

Concerns are commonly raised that strong public unions extract generous pension benefits from state governments and are the cause of states' burdensome pension obligations. Prior research (Anzia and Moe 2015) finds evidence supporting such concerns. Consistent with incentives to minimize such...

Concerns are commonly raised that strong public unions extract generous pension benefits from state governments and are the cause of states' burdensome pension obligations. Prior research (Anzia and Moe 2015) finds evidence supporting such concerns. Consistent with incentives to minimize such...

We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies’ qualitative soft rating adjustments are more accurate as issuers’ default risk grows, as evidenced by the adjustments leading to lower type I and type II error rates...

Prior research provides evidence that managers delay the reporting of goodwill impairments. This study builds on this evidence by investigating whether managers use their private information regarding goodwill impairments to profit from trading in their own firms' shares. We find evidence of...

Finance theory proposes that firms' cost of capital increases when market makers set wider spreads due to perceived higher information asymmetry across traders. Using a sample of UK investment property firms and controlling for firms' non-random selection of external monitors, we find evidence...

Recent accounting research employs an asymmetric timeliness measure to test the hypothesis that reported accounting earnings are conservative. This research design regresses earnings on stock returns to examine whether bad news is incorporated into earnings on a more timely basis than good news....