Richard S. Warr

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Managers frequently cite the desire to mitigate asymmetric information as a motivation for increasing firm focus. The information benefits of focus appear relevant for the subset of firms that actually increase their focus; however, the relevance of focus-related information benefits for the population of diversified firms is an open question. This paper(More)
The performance of five adverse selection models are examined by comparing their component estimates to other measures of information asymmetry and informed trading. The models produce mixed results. Adverse selection components correlate with various volatility measures, but appear unrelated to measures of uncertainty. Only three of the five models have(More)
Enterprise risk management (ERM) is a holistic method of managing both operational and strategic risks across an organization. In recent years adoption of ERM has been increasing. We use a hazard model to examine the factors that influence the adoption of this practice. We find that larger firms that are more levered, have more volatile operating cash(More)
BACKGROUND Appropriate outcome selection is essential if research is to guide decision-making and inform policy. Systematic reviews of the clinical, cosmetic and patient-reported outcomes of reconstructive breast surgery, however, have demonstrated marked heterogeneity, and results from individual studies cannot be compared or combined. Use of a core(More)
Enterprise risk management (ERM) is the process of analyzing the portfolio of risks facing the enterprise to ensure that the combined effect of such risks is within an acceptable tolerance. While more firms are adopting ERM, little academic research exists about the costs and benefits of ERM. Proponents of ERM claim that ERM is designed to enhance(More)
INTRODUCTION Acellular dermal matrix (ADM) may improve outcomes in implant-based breast reconstruction, but recent evidence suggests complication rates may be higher when ADM is used. We retrospectively compared early complications and implant loss in implant-based breast reconstruction (BR) with and without ADM to evaluate the safety of the procedure in(More)
This paper examines the relationship between over-investment in audit services, abnormal nonaudit fees paid to the auditor, and market-based measures of firm transparency. REITs provide a uniquely attractive laboratory for examining this relationship due to their tax status as passthrough entities. Since REITs must distribute 90% of their earnings as(More)
NBBO for an average stock is locked or crossed 10% and 3.5% of the time on, respectively, NASDAQ and the NYSE inter-markets. Locks and crosses usually accompany significant price changes. We show that non-positive spreads arise because of (i) occasional invisibility of quotes or tardiness with stale quote updates, (ii) price/time priority considerations,(More)