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  • Allan Eberhart, Zhaoyang Gu, +11 authors T. L. YOHN
  • 2008
Prior research documents mean reversion in firm profitability and growth under the implicit assumption that profitability and growth of all firms revert to a common benchmark at the same rate. However, a large body of academic research suggests that there are systematic interindustry differences (e.g., industry barriers to entry) that differentially affect(More)
While it is well established that diversifying acquisitions by large, cash-rich firms destroy shareholder wealth, we document positive abnormal returns to such acquisitions in the tobacco industry. We show that these abnormal returns are associated with proxies for lower expected expropriation costs. Specifically, we show that wealth creation increases in(More)
In this paper, we investigate the synthesis of piecewise affine feedback controllers to address the problem of safe and robust controller design in robotics based on high-level controls specifications. The methodology is based on formulating the problem as a collection of reach control problems on a polytopic state space. Reach control has so far only been(More)
When firms manage earnings up (down), the articulation between the income statement and the balance sheet generally forces a simultaneous increase (decrease) in net operating assets. Therefore, under ceteris paribus conditions, upward earnings management results in a contemporaneous increase in profit margin (i.e., operating income divided by sales) and(More)
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