Learn More
I analyze the effect of auditor choice on acquirers' values around merger announcements and the factors affecting the interaction between auditor size and the market reaction to merger announcements. I find that acquirers audited by non-Big 4 accounting firms outperform those audited by Big 4 firms. This effect is more pronounced when the targets are(More)
We study voluntary financial disclosures using a proprietary database of 3,234 letters sent by 434 hedge funds to their investors. Our analysis includes aspects of funds' portfolios and performance as well as the presentation of performance. We find that managers use more frequent (monthly) and less frequent (quarterly) disclosures for somewhat different(More)
In 2005, the SEC enacted the Securities Offering Reform (Reform), which relaxes restrictions on the release of forward-looking information before equity offerings. The SEC argues that a richer information environment in recent years has rendered these disclosure restrictions unnecessary, as it prevents timely and broad information flow when recent(More)
Consistent with allegations that high stock-based compensation levels in the 1990s led managers to boost the stock price by manipulating earnings before selling stock, we find that: managers tended to inflate earnings before selling stock; during 1997–2000, firms we identify as managing earnings the most experienced returns 21% higher than firms managing(More)
Very Preliminary – Please do not quote or circulate without permission. ABSTRACT We analyze managers' incentives to provide supplemental disclosure in the form of conference calls around merger announcements and the economic consequences of such disclosures. We find that conference calls are more likely for economically significant mergers and for(More)
  • 1