| Rationality of the Price Formation Process and Bias in Analysts' Earnings Forecasts | | 1/1/0001 |
| Retail Strategies on the Web: Price and Non-price Competition in the Online Book Industry | One widely-reported prediction is that the availability of low-cost information on price, specifically the rise of comparison shopping agents, will lead all Internet retailers to charge the same price for mass-produced physical goods and that price will b... | 8/1/2000 |
| Retail Strategies on the Web: Price and Non-price Competition in the Online Book Industry | One widely-reported prediction is that the availability of low-cost information on price, specifically the rise of comparison shopping agents, will lead all Internet retailers to charge the same price for mass-produced physical goods and that price will b... | 8/1/2000 |
| Diffusion of Web-based Services: Evidence from a Midwest Market | Purchasers face considerable uncertainty about the utility of using the Internet to acquire goods and services. It is generally both inexpensive for purchasers to adopt use of the Internet to buy goods and services and, if they find the experience does n... | 7/1/2001 |
| Pricing Strategies on the Web: Evidence from the Online Book Industry | Using data collected between August 1999 and January 2000, we examine firm-level pricing strategies for 32 online bookstores. The data cover more than 300 books, including New York Times bestsellers, computer bestsellers, and random books. Over the peri... | 8/1/2000 |
| Real Options and Agency Costs: Firm-level Decsions About Downsizing and Subsequent Performance | | 7/1/2000 |
| asdfasd | fasdfasdf | 1/1/2003 |
| Measuring the Impact of Regulation on Market Stability: Evidence from the US Markets | In this paper, we introduce a new methodology designed to test the effect of regulatory disclosure requirements on the disclosure threshold as predicted by the extant literature (Verrecchia (1983), Dye (1985)). We apply our methodology to test consistenc... | 12/3/2004 |
| On the Value of Influence Activities for Capital Budgeting | | 10/1/2004 |
| Performance Measurement and Information Production | | 9/1/2004 |
| The Ignored Performance Measure | | 6/1/2004 |
| Strategic Placement of Capacity in Global Networks | | 8/1/2003 |
| On the Performance of the ARTA Fitting Algorithm | | 8/1/2003 |
| The Duality of Input-Output Analysis for Cost and Revenue Allocations | Input-output analysis was developed by Leontief (1951) using interindustry flow data. Numerous publications on the subject followed in the 1950s and 60s (only a small number of which are shown in the references). The analysis since then had been largely... | 3/2/2002 |
| Symmetric Accounting for "Goods" and "Bads" in a Double-Entry Framework: Integrationg Conventional and Environmental Accounting | March 2004
SYNOPSIS: Conventional accounting primarily deals with “goods,” i.e., resources that are of positive value to the firm. It often neglects “bads,” i.e., resources that are of negative value to the firm. Environmental accounting deals with prim... | 3/4/2004 |
| Quantum Information and Accounting Information: Their Salient Features and Applications | | 8/1/2005 |
| Financial Distress and the Credibility of Management Earnings Forecasts | This study examines the relations among financial
distress, bias in forecasting, and the credibility
of management earnings forecasts. While prior
research suggests that institutional penalties
(such as loss of reputation, employment penalties,
and... | 12/1/1999 |
| The Role of Risk in Price-Earnings Relations | This paper extends the investigation of the role of risk in price-earnings relations initiated by Easton and Zmijewski [1989] (EZ) and Collins and Kothari [1989](CK).(1) Both of those studies argue that earnings response coefficients (ERCs) are decreasi... | 12/1/1999 |
| A Review of Analytical Accounting Research on the Voluntary Disclosure of Proprietary Information | The purpose of this paper is to compare and contrast models used in analytical accounting research to examine the voluntary disclosure of proprietary information. In addition to reviewing these models, I examine the potential to draw testable empirical i... | 1/1/2000 |
| In-Sample versus Out-of-Sample Prediction Errors: An Evaluation of Competing Returns-Earnings Specifications | This paper examines the relative explanatory power of cross-sectional and time-series models of the returns-earnings relation. Prior research has suggested that time-series models of the returns-earnings relation outperform cross-sectional nonlinear mode... | 12/1/2000 |
| Dividend Changes and the Persistence of Past Earnings Innovations | This study examines whether the market interprets changes in dividend policy as a signal of managers' private information about the persistence of past earnings innovations. Prior to observing this signal, investors may believe that past earnings changes... | 2/1/2001 |
| Smooth Earnings and the Credibility of Management Forecasts | This paper examines the relation between smooth past earnings performance and the credibility of voluntary management earnings forecasts. Specifically, using strings of increasing earnings per share as our measure of past performance, we demonstrate that... | 2/1/2004 |
| Determinants of Changing Earnings Guidance | | 9/1/2006 |
| Management Compensation and Earnings-Based Covenants in Resolving Adverse Selection in Credit Markets | | 7/1/2003 |
| Earnings Predictability and Bias in Analysts’ Earning Forecasts | | 1/1/0001 |
| Discipline with Common Agency: The Case of Audit and Non-Audit Services | | 1/1/2004 |
| Critical Accounting Policy Disclosures | | 4/1/2004 |
| Optimizing Base Station Location and Configuration in UMTS Networks | | 1/1/2006 |
| New Classical Income Measurement: A Choice-Theoretic Axiomatic Approach | At the fundamental level, the key challenge to a theory of income measurement is to resolve the problem caused by soft information, which leads to incomplete preferences within the entity (i.e. some alternatives are not always unambiguously ranked). This... | 6/1/2006 |
| Equilibrium Earnings Management, Incentive Contracts, and Accounting Standards | In this paper, we model earnings management as a consequence of the interaction among self-interested economic agents, namely the managers, the shareholders, and the regulators. In our model, a manager controls a stochastic production technology and make... | 10/1/2002 |
| Accounting in Partnerships | | 12/2/2002 |
| Accrual Accounting for Debt and Equity Investors | We provide a conceptual connection between accrual accounting concepts and the demand for information by debt and equity investors. The investors' economic tradeoffs generate specific demands for information regarding future cash flows of the firm. The... | 1/2/2002 |
| Accounting Recognition, Moral Hazard, and Communication | Two complementary sources of information are studied in a multi-period agency model. One is an accounting source which partially but credibly conveys the agent's private information through accounting recognition. The other is an unverified communicatio... | 1/1/2000 |
| Profit Sharing in Partnerships | | 10/2/2002 |
| Recognition: An Information Content Perspective | The paper reviews the historical and contemporary literature on the recognition issue. First, in a historical perspective, two debates stand out: historical cost as the basis for asset valuation and realization as the basic test for income determination... | 2/1/2000 |
| An Agency Interpretation of the Reliability Notion | We expand a classic reliability notion, offered by Ijiri and Jaedicke [1966], into a dynamic agency setting in which accounting reports facilitate contracting. In this setting, reliability emerges as an equilibrium notion that is jointly determined by in... | 7/1/2000 |
| Accounting Measurement Basis, Market Mispricing, and Firm Investment Efficiency | In this paper, we investigate how accounting measurement basis affects the efficiency of a firm's investment decision. We distinguish two broad basis for accounting measurements: input-based and output-based. We argue that the two basis give rise to diff... | 6/1/2005 |
| Optimal Team Size and Monitoring in Organizations | We formulate and analyze a general model of team structure and monitoring. We incorporate three broad instruments in the internal design of an organization involving team production: team size, monitoring activities, and incentive contracts. When both wor... | 1/6/2006 |
| Earning Skewness and Analyst Forecast Bias | We argue that if analysts' objective is to provide the most accurate forecast by minimizing the mean absolute forecast error, then the optimal forecast is the median instead of the mean earnings. Forecast bias is observed when the median is different from... | 1/1/2000 |
| try | We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to ea... | 4/1/2006 |
| try | We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to ea... | 4/1/2006 |
| try | We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to ea... | 4/1/2006 |
| Measuring the Pervasiveness of Earnings Management from Quarterly Accrual Volatility | Earnings management is a key issue for financial reporting. The purpose of this paper is to derive a set of indices to measure the pervasiveness of earnings management (PEM) using the properties of quarterly accrual volatility. The PEM index can be viewed... | 4/1/2002 |
| Low Balling, Legal Liability and Auditor Independence | We construct a dynamic multi-agent moral hazard model to analyze the interactions among the firm owner, the manager and the auditor. Moral hazard may arise in hierarchical agency because a rational monitoring agent may accept a side payment from the monit... | 10/1/1998 |
| Controlling for Actual Earnings: Does it Mitigate or Create Spurious Relations in Forecast Efficiency? | We show that a proper study of forecast efficiency with forecast errors as the dependent variable cannot control for ex post actual earnings. Forecast errors on the left hand side are defined as actual earnings minus forecasts. If actual earnings appear a... | 5/4/2004 |
| Scale Factor, R2, and the Choice of Levels vs. Returns Models | This paper analyzes a potential scale effect on the regression R2 to determine if a scale factor can reconcile the arguments concerning the choice between the price levels model and the returns model. Analytically, it is shown that the scale effect depend... | 1/1/2004 |
| Analysts’ Treatment of Nonrecurring Items in Street Earnings | Given the recent controversy over deviations of street earnings from GAAP earnings, we show that the nonrecurring items that analysts include in street earnings are more persistent and have higher valuation multiples than those items they exclude from str... | 7/1/2004 |
| What Determines the Variability of Accounting Accruals? | The variability of accounting accruals provides a measure of the normal level of managers’ accounting discretion and has important implications for event studies of earnings management. We examine how this measure is related to the economic factors includ... | 12/1/2002 |
| Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients | We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to ea... | 6/1/2004 |
| Can the Accrual Anomaly be Explained Away by Operating Cash Flows: A Component Level Analysis | This paper extends the work of Sloan (1996) by examining the accrual anomaly at the level of accrual components (changes in inventory, changes in accounts receivable, changes in accounts payable, and depreciation expense). We report several results. Fir... | 10/1/2005 |
| In-Sync or Out-of-Sync? The Joint Information in Revenues and Expenses | When revenues are higher or lower than expected, expenses are normally also higher or lower than expected, but by a smaller amount. We hypothesize that when revenue and expense surprises follow this normal revenue-cost structure (i.e., are “in-sync”), the... | 4/1/2006 |
| The Disciplining Role and Superiority of Independent Analysts | | 9/1/2006 |
| Income Smoothing and Bond Ratings | We examine the role of accounting accruals in bond ratings in this paper. Accruals provide information about firms’ future performance not only through their effects on the levels but also the volatility of reported earnings. We show that bond ratings are... | 9/1/2006 |
| Income, Smoothing and Bond Ratings | | 7/1/2006 |
| fgfds | gsdfgsdfg | 10/1/2003 |
| Brilliant Paper which will change the world | | 2/1/2004 |
| Credible Monetary Policy with Private Government Preferences | | 1/1/2006 |
| Root-N Consistent Semi-parametric Estimators of A Dynamic Panel Sample Selection Model | | 8/1/2003 |
| Identifying and Testing Generalized Moral Hazard Models of Managerial Compensation | | 7/1/2007 |
| Across-sample Incomparability of R2s and Additional Evidence on Value Relevance Changes Over Time | Given the increasing popularity of across-sample R2 comparisons in accounting research, this paper illustrates why the regression R2s are incomparable across samples and the general nature of this problem. The regression residual dispersion with proper co... | 2/1/2007 |
| Do Analysts Overreact to Extreme Good News in Earnings? | We show that the previous finding of analysts’ overreaction to extreme good news in earnings could be a result of analysts’ rational behavior in the face of high earnings uncertainty rather than their cognitive bias. Extreme earnings performance tends to... | 4/1/2007 |
| The Superiority and Disciplining Role of Independent Analysts | Corporate failures in the early 2000s led to a renewed interest in analyst independence. Academic studies, however, generally fail to find that earnings forecasts of independent analysts are any better than those of nonindependent analysts. We show that a... | 2/1/2008 |
| Market Segmentation and Technology Selection for Remanufacturable Products | | 1/1/2001 |
| Conjugate Analysis of the Conway-Maxwell-Poisson Distribution | | 6/1/2003 |
| The Agency Problems of Hedging and Earnings Management | This paper uses a principal-agent model to study the interaction between hedging and earnings management. Hedging makes earnings management more difficult and they appear to be strategic substitutes in this model, which is both consistent with exi | 5/1/2006 |
| SFAS 133 and Speculation | | 4/1/2006 |
| Simple Models of Operating Moral Hazard and Investing Moral Hazard | | 8/1/2006 |
| Simple Models of Operating Moral Hazard and Investing Moral Hazard | | 8/1/2006 |
| The Agency Problems of Hedging and Earnings Management | This paper uses a principal-agent model to study the interaction between hedging and earnings management. Hedging makes earnings management more difficult and they appear to be strategic substitutes in this model, which is both consistent with existing e |
