We examine whether criminal records of CEOs and rank-and-file employees are associated with firms’ likelihood of bankruptcy and whether lenders adjust their required cost of debt accordingly. We use a nationwide sample of private firms and criminal registers covering all firm employees. We...

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...

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,...

This study aims to explore the company-specific and market factors driving fixed asset revaluation (FAR) in an emerging economy. Our research is based on a sample of 142 companies listed on the Dhaka Stock Exchange (DSE) – the main bourse of Bangladesh. The binary logistic regression model was...

The SEC prohibits the presentation of non‐GAAP measures before corresponding GAAP measures; however, a large proportion of non‐GAAP reporters present non‐GAAP EPS before GAAP EPS in their earnings announcements. This noncompliance raises questions about whether firms use prominence to...

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)...

We examine how CEO overconfidence impacts profitability and stock return for firms at different stages in their life cycle. Extant research has shown that an overconfident personality could affect the CEO's decision-making on investment, financial reporting, and the firm's choice of policies. It...

By linking sell-side equity analysts to their deed records and LinkedIn profiles, I show that analysts with higher exposure to negative wealth shocks issue more pessimistic and less accurate forecasts. The effects are stronger when analysts have higher leverage in their homes and face career...

We investigate how a consumer protection law can exacerbate firms’ agency issues. Our analysis focuses on the staggered adoption of state-level data breach notification laws that require firms to disclose data breaches. We find that the enactment of these laws leads to a rise in stock price...