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and many other colleagues for helpful comments and Michael Gordy for suggesting the idea behind section 7. This paper represents the views of the author and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or other members of its staff. I can be reached via email at michael.s.gibson@frb.gov. Abstract:(More)
In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier's archiving and manuscript policies are encouraged to visit: JEL classifications: D82 G14 G19 Keywords: Differences of opinion Earnings(More)
Miller (1977) hypothesizes that differences of opinion among investors about stock value result in overvaluation so long as some investors are short-sales constrained. Prior evidence on the role of differences of opinion for stock prices has not yielded convincing evidence. We test the Miller hypothesis by focusing on earnings announcements because such(More)
My research interests relate to financial accounting and reporting, with capital markets and governance overtones. Past and ongoing work focuses on fair value accounting, special items and non-GAAP earnings, earnings management, non-executive compensation, credit default swaps, and risk.
Applying a " co-search " algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms. Our results show that firms appearing in chronologically adjacent searches by the same individual (Search Based Peers or SBPs) are fundamentally similar on multiple dimensions. In direct tests, SBPs(More)
Although therapeutic effect of adoptive transfer of endothelial progenitor cells (EPC) has been well-substantiated, the actual engraftment is relatively low compared to a robust functional improvement of vasculopathy. Cellular mechanisms governing this action remain elusive. A recently discovered cell-cell communication via tunneling nanotube (TNT)(More)
—Player satisfaction is particularly difficult to ensure in online games, due to interactions with other players. In adversarial multiplayer games, matchmaking typically consists in trying to match together players of similar skill level. However, this is usually based on a single skill value, and assumes the only factor of " fun " is the game balance. We(More)