In this paper we examine the time-series and cross-sectional volatility in analyst forecasts. We derive a bound on the degree of variation in forecasts, analogous to the variance bound literature in finance, and document the frequency and circumstances surrounding violations of this bound. We...

We examine the readability of text and the use of numbers in the annual filings and earnings press releases of foreign firms listed on US stock exchanges. We find that foreign firms generally write clearer text and present relatively more numerical data than their US firm counterparts. More...

There is a logical bound on the time-series variability of analyst forecasts; when variability exceeds this bound it must be caused by something besides statistically rational forecasting. We document occurrences of excessively volatile analyst forecasts and show that they influence investment...

We extend recent research on the relationship between corporate social responsibility (henceforth, CSR) and market reactions to accounting restatements (Bartov et al., 2020; Wans, 2020). Drawing on strategic CSR, relational contract, and psychological contract theories, we conjecture that corporate...

We investigate restatement contagion to strategic alliance partners, and we document a negative stock price reaction for non-restating firms whose alliance partners announce an accounting restatement. This contagion effect is larger when the institutional bonding between alliance partners is...