We use information from product descriptions in firm 10-Ks to analyze whether product market competition influences analysts' decisions to cover firms, the accuracy and consistency of their earnings reports and their likelihood of obtaining Analyst All-Star status. We find that a firm's analyst...

This study examines the effect of stock liquidity on corporate risk-taking behavior. We find that stock liquidity has a positive and significant effect on corporate risk-taking. We find consistent results when we use the Split Share Structure Reform (SSSR) in China as an exogenous shock to stock...

In this paper, we examine whether credit rating agencies consider a CEO’s general skills as a credit risk factor when assessing an entity’s overall creditworthiness and find that generalist CEOs are associated with lower credit ratings. The findings suggest that the presence of generalist...

We examine how client product similarity within an auditor’s portfolio affects audit efficiency and pricing decisions. Using a unique set of intra-portfolio client-level data, we find that clients with product offerings more similar to those of other clients in the auditor’s portfolio are...

A recent trend is that firms prefer to hire generalist CEOs with transferable skills (across firms or industries) over hiring specialist CEOs, but the consequences of this trend are unclear. In this study, we examine whether credit rating agencies consider a CEO’s general skills as a credit...