We examine the impact of compensation-related comment letters (hereafter CCLs) issued by the U.S. Securities and Exchange Commission (the SEC) on excess chief executive officers’ (CEO) compensation. We find that changes in compensation in the two-year window surrounding the release of CCLs are...

This paper examines the effects of earnings surprises and litigation risk on the use and content of forward-looking statements in firms’ press releases. Our results show that firms releasing unfavorable news that are lower than expectations provide more non-forecast-like (i.e., other)...

"During World War II, the United States helped vanquish the Axis powers by converting its enormous economic capacities into military might. Producing nearly two-thirds of all the munitions used by Allied forces, American industry became what President Franklin D. Roosevelt called 'the arsenal of...