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The oil from the 2010 Deepwater Horizon spill in the Gulf of Mexico was documented by shoreline assessment teams as stranding on 1,773 km of shoreline. Beaches comprised 50.8%, marshes 44.9%, and other shoreline types 4.3% of the oiled shoreline. Shoreline cleanup activities were authorized on 660 km, or 73.3% of oiled beaches and up to 71 km, or 8.9% of(More)
Concerns about climate change, energy security and the volatility of the price of fossil fuels has led to an increased demand for renewable energy. With wind turbines being one of the most mature renewable energy technologies available, the global use of wind power has been growing at over 20% annually, with further adoption to be expected. As a result of(More)
Basic economics challenge the specification of discretionary accrual models. Since rent seeking firms pursue differentiated business strategies, firms in the same industry have heterogeneous accrual generating processes. Moreover, technological innovation, regulatory changes, and entry of new firms force existing firms to revise their extant business(More)
Economics challenge the specification of discretionary accrual models. Since rent seeking firms pursue differentiated business strategies, firms in the same industry have heterogeneous accrual generating processes. Moreover, Schumpeter's " creative destruction " forces existing firms to revise their extant business models. We present evidence that such(More)
We examine how constraints on pessimistic trading affect the ability to assess a firm's likelihood of default using publicly available sources of information. Using crosscountry differences in short selling as our primary empirical proxy for the ability of market participants to trade pessimistically, our results indicate that a dynamic multiperiod logit(More)
Prior literature provides evidence that public information releases such as earnings announcements and management forecasts increase information asymmetry around the announcement. This study is the first to suggest and find evidence that the opposite is true in a release of public information by analysts. We illustrate the general insight that the(More)
We provide evidence that one of the most prevalent discretionary accounting actions, income smoothing, causally affects private debt contract design in a manner that that is fundamentally distinct from the effects of other accounting attributes. In particular, lenders use their understanding of the threat of private benefits extraction in the contracting(More)
We investigate bank holding companies' window dressing of quarter-end financial leverage through short-term borrowings, and the stock market reaction around the public release of information that can be used to infer such window dressing. We find evidence of downward window dressing of repo and federal funds liabilities that appear material for a large(More)
The Intermodal Surface Transportation Efficiency Act (ISTEA) was passed in 1991 with the objective of encouraging greater coordination and efficiency of transportation movement among modes. The Act issued a challenge to transportation professionals to shift the old paradigms and explore new opportunities to improve the integration of modes, as well as to(More)
An analysis of the work performed by the various teams involved in shoreline cleanup operations has been applied to the design of an approach for the integration of data collected by the SCAT process with electronic maps produced by Geographical Information System (GIS) technology. This has led to the implementation of a PC-based system that incorporates a(More)
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