Using machine learning-based algorithms, we measure key impressions about sell-side analysts using their LinkedIn profile photos. We find that analysts’ trustworthiness (TRUST) and dominance (DOM) are positively associated with forecast accuracy, especially after recent in-person meetings...

Inadequate sleep is a public health epidemic in the U.S., and poor sleep habits are especially common among professional investors. Neuroscience research finds that sleep disruption inhibits information processing by impairing higher-order cognitive functions. Using Daylight Saving Time (DST)...

Dodd-Frank Act of 2010 eliminated a Regulation Fair Disclosure rule, which allowed U.S. public companies to make selective disclosures to credit rating agencies (CRAs). However, CRAs and legal experts argue that given the other provisions in Regulation Fair Disclosure, which allow companies to...

This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases...

Academic research on loan loss provisioning and the earlier incurred credit losses (ICL) model has a long tradition in the literature. Academic criticism of the ICL was taken up by the Financial Stability Board after the financial crisis of 2018, leading to a fundamental revision of accounting...

This monograph provides a thorough review of earnings quality issues and analysis. Its primary objectives are to help gain a deep understanding of earnings quality and facilitate the development of comprehensive, granular, and contextual earnings quality indicators and analyses. While there are...

We analyze the interaction between high workload of the Securities and Exchange Commission (SEC) staff and the information production stimulated by their review process of initial public offerings (IPOs). We find that high workload is associated with more generic comments in the first letter,...

What comes to mind when thinking about a successful entrepreneur? Belief formation models suggest that what comes to mind is an oversimplified picture of the characteristics of successful entrepreneurs, i.e, stereotypes about successful entrepreneurs. Using French administrative data on 48,767...

This paper examines how information acquisition through social media affects venture capital (VC) investments into entrepreneurial startup firms. We collect a unique data set from Twitter API to measure the impact of owned social media (OSM) and earned social media (ESM) of portfolio companies...

In response to the increasing use of computer programs to process firm disclosures, this registered report develops a new measure of “scriptability” that reflects computerized, rather than human, information processing costs. We validate our measure using SEC filing-derived data from prior...