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An empirical analysis of changes in credit rating properties: Timeliness, accuracy and volatility
In recent years, credit rating agencies have faced increased regulatory pressure and investor criticism for their ratings' lack of timeliness. This study investigates whether and how rating agencies… Expand
Management Forecast Quality and Capital Investment Decisions
ABSTRACT: Corporate investment decisions require managers to forecast expected future cash flows from potential investments. Although these forecasts are a critical component of successful investing,… Expand
Asset Securitization, Securitization Recourse, and Information Uncertainty
ABSTRACT: In this study, we examine some of the consequences of asset securitization. Specifically, using a sample of bank holding companies, we investigate whether the difficulty in assessing the… Expand
The Impact of SEC Disclosure Monitoring on the Uncertainty of Fair Value Estimates
ABSTRACT We investigate the role played by the Securities and Exchange Commission (SEC) in monitoring fair value disclosures in regulatory filings. Specifically, we assess whether SEC action via the… Expand
The Impact of Operating Leases on Firm Financial and Operating Risk
This study uses ex ante cost-of-equity capital measures based on accounting valuation models to assess the risk relevance of off-balance sheet operating leases. We investigate whether off-balance… Expand
Does Investment-Related Pressure Lead to Misreporting? An Analysis of Reporting Following M&A Transactions
ABSTRACT: This study examines whether managers alter their financial reporting decisions in the face of investment-related pressure. We define investment-related pressure as the increased pressure ...
Fundamental Analysis and Option Returns
This paper investigates whether fundamental accounting information is appropriately priced in the options market. We find that fundamental accounting signals exhibit incremental predictive power with… Expand
Do Managers Benefit from Delayed Goodwill Impairments?
Prior research provides evidence that managers delay the reporting of goodwill impairments. This study builds on this evidence by investigating whether managers use their private information… Expand
The effectiveness of credit rating agency monitoring: Evidence from asset securitizations
ABSTRACT: This study investigates how differences between the rating agencies' initial (at the date of debt issuance) and subsequent (post-issuance) monitoring incentives affect securitizing banks'...
When Do Differences in Credit Rating Methodologies Matter? Evidence from High Information Uncertainty Borrowers
ABSTRACT: This study investigates whether and when differences in the credit rating agencies' methodologies result in differences in rating properties. In particular, this study focuses on… Expand