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...

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...

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....