This paper investigates whether the bullwhip has economic consequences at the firm level. In particular, we examine the relation between the bullwhip and various accounting/financial performance measures including equity returns, cash flows, earnings, and earnings attributes such as earnings...

This paper extends the variance decomposition framework of Campbell (1991), Campbell and Ammer (1993) and Vuolteenhao (2002) to address the relative value relevance of accruals news, cash flow news and expected return news in driving firm-level equity returns. The extension is based on the...

This study investigates the price discovery process in equity markets with informed institutional investors. Consistent with extant theories, we show empirically that institutional investors, in contrast to retail investors, trade based on the leaked sign of unanticipated news and then...