This paper analyzes the impact of Regulation FD on the accuracy and dispersion of earnings forecasts made by sell-side equity analysts. Using a large sample of forecasts made over a nearly ten-year period surrounding FD's adoption, we uncover two main sets of findings. First, earnings forecasts...

Operating and stock return results imply that managers that commit fraud likely anticipate large stock price declines if they do not misreport earnings. Stock price declines cause greater losses for managerial stockholdings than for option holdings because of differences in payoff convexity....

We examine how CEO tenure and board characteristics affect board monitoring, CEO turnover, and firm performance. We find that board meeting frequency declines as CEO tenure increases and the board has a greater proportion of insiders. The intensity of both relations varies by industry. Tenured...

This article investigates the stock market portfolios of insurance company portfolio managers and compares the characteristics of their equity holdings with those of other (noninsurance) institutional equity portfolios. The main finding is that the cross-sectional determinants documented by...

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

We examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The typical firm significantly improves matched-firm-adjusted residual income after adopting VBM. This improvement persists for the five post-adoption years studied. After...