This paper examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European Union on financial analysts' information environment. To control for the effect of confounding concurrent events, we use a control sample of firms that had already...

This study examines how the use of option-based compensation for directors affects their independence in their decisions on CEOs' option-grant dates. Firms typically grant CEOs at-the-money options, i.e., with the strike price set equal to the grant-day stock price. This practice creates a...

This study examines earnings management by U.S.-based oil companies in the period immediately after the impact of hurricanes Katrina and Rita. We show that large petroleum refining firms - but not the smaller crude oil and gas production companies - recorded significant abnormal...

Financial analysts are frequently viewed as information intermediaries who process and interpret firms' financial reports for other market participants. However, much research results cast doubts on analysts' ability to fully utilize the information in firms' financial reports (e.g., see...

This study examines whether delistings due to mergers and acquisitions (i.e., M&A delistings) result in negative information externalities for industry peer firms. Prior research shows that firms' disclosures provide useful information spillovers to other firms in the same industry; importantly,...

This study examines how financial disclosures made with earnings announcements affect analysts' information about future earnings, focusing on disclosures of financial statements and management earnings forecasts. We find that disclosures of balance sheets and segment data are associated with an...