Akash Chattopadhyay

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We provide a tractable model of firm-level expected holding period returns using two firm fundamentals — book-to-market ratio and ROE — and study the crosssectional properties of the model-implied expected returns. We find that: 1) firm level expected returns and expected profitability are time-varying, but highly persistent; 2) forecasts of holding period(More)
Under fairly general assumptions, expected stock returns are a linear combination of two accounting fundamentals—book to market and ROE. Empirical estimates based on this relation predict the cross section of out-of-sample returns in 26 of 29 international equity markets, with a highly significant average slope coefficient of 1.05. In sharp contrast,(More)
In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document that firms report more negative discretionary accruals when financial markets are less certain about their future prospects. Stock-price responses to earnings(More)
We study how a stock index can affect corporate behavior by serving as a source of prestige. After decades of low corporate profitability in Japan, the JPX-Nikkei400 index was introduced in 2014. The index selected 400 large and liquid firms deemed to be best-performing in terms of profitability annually; membership was considered highly prestigious. We(More)
After his accession Jahangir passed twelve orders (dastur-ul-amal). According to the tenth order hospitals were to be built in all the big cities and physicians were to be appointed and expenditure for this purpose were to be made from "Khalisa" establishment. The term 'Khalisa' has been translated as royal treasury by scholars. But according to the(More)
Jahangir, after his accession on the 24th October, 1605 A.D. passed twelve orders, as we learn from his Memoirs (Tuzuk-e-Jahangiri). According to fifth order manufacturing and sale of Rice-Spirit and any kind of intoxicating drug were forbidded. The tenth order was for the foundation of free hospitals and appointment of physicians in all the great cities of(More)
We compare the performance of a comprehensive set of alternative peer identification schemes used in economic benchmarking. Our results show the peer firms identified from aggregation of informed agents’ revealed choices in Lee, Ma, and Wang (2014) perform best, followed by peers with the highest overlap in analyst coverage, in explaining cross-sectional(More)
Aurangzeb had employed the most learned and experienced physicians for himself, for the members of his palace and for his courtiers. During his reign many hospitals were established in the capital as well as in the other cities. The reign of Aurangzeb was note-worthy for the composition and compilation of medical texts. So we can say that Aurangzeb had a(More)
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