A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital),...

We develop a novel approach to identify characteristics of images that are likely to, and found to, affect investment decisions. We also create new methodologies to quantify these characteristics. We hypothesize and find that our newly developed machine learning-based measure of...

We investigate the impact of peer pressure on the characteristics of forward-looking disclosures. We identify plausibly exogenous variation in the amount of peer firm forecast news available when a focal firm issues its own forecast by employing a sample of firms that issue forecasts in...

Two-stage acquisitions, in which the acquirer holds a long-term toehold in the target, make up 15% of the global M&A market. A key advantage of two-stage deals is acquirers' increased information availability. I find that higher acquirer-target information asymmetry following the enactment of...

We study short-term changes in customer visits to retail outlets around the announcement of private equity (PE) acquisitions, using aggregated and anonymized mobile phone data covering approximately ten percent of all mobile devices in the United States. Given the monthly frequency of the data,...

We investigate if timely loss recognition is associated with acquisition-investment decisions. Using a Basu (1997) piece-wise linear regression model, we find that firms with more timely incorporation of economic losses into earnings make more profitable acquisitions, measured by the bidder's...

In late 2008 Selectica's net operating loss poison pill was triggered by Trilogy/Versata. Litigation ensued in Delaware Court of Chancery over the propriety of the poison pill, which Selectica instituted to protect its $167 million of NOLs from the limitations of Internal Revene Code (I.R.C.)...

We investigate the conditions under which the accounting‐based acquisition goodwill disclosed by U.S. filers appropriately represents an asset to the firm — specifically, whether accounting - based acquisition goodwill is representationally faithful to the underlying economics of the...