This study compares the earnings forecasts of analysts employed by independent research firms to those of analysts employed by investment banks along the dimensions of accuracy and optimism. We discuss the conflicts of interest faced by both groups and suggest that, despite incentives stemming...

This study compares the earnings forecasts of analysts employed by investment banks to those employed by firms not involved in investment banking. We discuss possible resource and informational advantages for investment bank analysts, and conflicts of interest faced by both groups, suggesting...

Zombie mortgages and abandoned properties are costly problems for cities and counties across the country. The term “zombie mortgage” is meant to, and hopefully does, evoke images of undead mortgages that are nearly impossible to eliminate. In the legal literature, the term is used to...

Theoretical research on internal capital markets suggests an important role for internal information quality in the capital allocation process within conglomerates. Direct empirical evidence, however, has been sparse, largely because informational frictions inside firms are difficult for...

Recent research reports that book-tax differences are not only informative about future earnings but are also associated with future stock returns. The combination of these results suggests the possibility that investors misprice securities by not fully incorporating tax-based information into...

When larger market values of equity result in being subject to costly regulation, firms have incentives to shift their sources of financing toward debt and away from equity. We use the Sarbanes-Oxley Act of 2002 (SOX) as a setting to provide evidence of such incentives. Smaller firms were...

When larger market values of equity result in being subject to costly regulation, firms have incentives to shift their sources of financing toward debt and away from equity. We use the Sarbanes-Oxley Act of 2002 (SOX) as a setting to provide evidence of such incentives. Smaller firms were...

To inform the debate on the merits of internal control audits, we examine managers' decisions to temporarily exempt newly acquired businesses from Section 404 of the Sarbanes-Oxley Act. We provide evidence that managers are more likely to elect the exemption when expected compliance costs are...

At least as early as the ancient Olympic games, athletes have traveled to engage in competition. Participation in the games was so revered that military truces were enacted to secure the safety of spectators and athletes alike. In modern times, we can look to the holding of the first modern...

Part I of this Article briefly explains the context and scope of the problem of zombie mortgages – mortgages that are in default but for which the lender refuses or fails to foreclose. Zombie mortgages saddle the record owner with ongoing tax and maintenance obligations which they may not be...