This PowerPoint deck is used in the classroom to provide a broadly useful framework for value creation. The theme is that we are better equipped to deal with value creation by first gaining insights into how we build knowledge. Part 1 discusses core beliefs critical to a sharpened worldview that...

Sell-side equity analysts often work in hierarchical teams. Lead analysts manage a team of associate and junior analysts, who take part in the team's tasks. We hypothesize a division of labor between lead and associate analysts where lead analysts focus on higher-importance tasks and delegate...

Blockchain, the technology behind digital currency, is a decentralized, distributed ledger that records transactions in digital assets. By authenticating and recording immutable transactions, decentralized blockchains perform the same function as many intermediaries in our society that establish...

Employing the SEC Tick Size Pilot Program that increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with...

This paper provides a different way of thinking about, and dealing with, four important issues. First, the overarching purpose of a firm involves communicating a vision, organizing to survive and prosper, working continually to develop win-win relationships, and taking care of future...

Management's key responsibility is to advance a firm's knowledge-building proficiency—the critical determinant of its survival and prosperity, i.e., its long-term firm performance. Competitive advantage and intangible assets are best viewed as the result of a firm's knowledge-building...

This paper utilizes the Pragmatic Theory of the Firm to better understand the process that delivers economic progress reflected in rising living standards. Section One explains how firms build knowledge and create value. Section Two introduces the Knowledge Building Loop to clarify and delineate...

Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...

During recent years heightened standards for board audit committee membership has been imposed by the SEC, NYSE and others. Sarbanes-Oxley requires that the Audit Committee will be comprised solely of independent directors, and that the company must disclose whether at least one of the members...

We find that business cycles drive productive economic churn. During recessions, firms with high previous abnormal investment scale back while firms with low abnormal investment scale up. These findings are consistent with an improvement in investment efficiency over the business cycle. Our...