This paper analyzes the effect of coverage initiation by a sell-side analyst on the production of private information. It shows that the sell-side analyst's information production may crowd out information production by buy-side analysts. Nonetheless, coverage initiation increases the total...

Is human capital an asset? We empirically address this question using the accounting concept of assets - costs should be capitalized as assets if they are expected to generate future measurable benefits with reasonable certainty. Also, holding the investment opportunity set constant, disposal of...

Since 1974, Ramp;D expenditures have been fully expensed when incurred partly because Ramp;D activities are claimed to be associated with a high degree of uncertainty in future economic benefits. In this study, we estimate the association between Ramp;D expenditures and capital expenditures...