Private equity firms have discretion over the timing of their funds' capital calls and distributions, making the popular internal rate of return (IRR) an incomplete measure of private equity fund performance. Do investors avoid the textbook pitfalls of the IRR when cash flow timing is partly...

Researchers often do not distinguish non-GAAP exclusions that increase earnings from those that decrease earnings, overlooking the fact that EPS-decreasing exclusions (about one fifth of all analysts’ exclusions) could have different properties and valuation implications. Using both...

We examine whether greater transparency leads to improved evaluation and rewarding of management. We posit that disclosure improves board effectiveness at monitoring executives and in strengthening the link between pay and performance. We use management guidance as our empirical proxy for...

The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We review current research on the three main decisions that shape the corporate information environment in capital market...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to...