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We find positive returns 3-6 months after negative restatement announcements. Results suggest these returns are not due to traditional risk factors or changes in traditional risk factors or cost of capital. Analyst forecast dispersion increases around the announcement and decreases 3-6 months...
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We examine returns and institutional trading in a long window surrounding earnings restatements. We find significantly positive abnormal returns following negative restatement announcements, even though, on average, these announcements are accompanied by negative pre-announcement and...
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This data guide describes how to obtain the brokerage trading volume data used in Lehmer, Lourie, and Shanthikumar (2022) and Lourie, Shanthikumar, and Yoo (2022), from Bloomberg Terminal. The data is available at the broker-stock-day level, allowing for detailed analyses of brokerage trading...
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We examine the effects of the July 2021 expansion of the Child Tax Credit (CTC). We analyze detailed transactions data for 2019 through September 2021, utilizing a difference-in-differences design, and controlling for state-time specific conditions. We find that recipients of expanded CTC...
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Using an experimental design, we examine whether CEO race and CEO gender affect investors’ willingness to invest in a company, their forecasts of future performance, and their evaluations of CEO performance, when given narrative and financial information about a firm. We deliberately avoid...
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