• Publications
  • Influence
Audited Financial Reporting and Voluntary Disclosure as Complements: A Test of the Confirmation Hypothesis
We examine the “confirmation” hypothesis that audited financial reporting and disclosure of managers' private information are complements, because independent verification of outcomes disciplines andExpand
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Earnings Volatility, Cash Flow Volatility and Informed Trading
I examine whether earnings that are smoother or more volatile than cash flows provide or garble information. Consistent with theories that predict more informed trading when public information isExpand
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Private Control Benefits and Earnings Management: Evidence from Insider Controlled Firms
We examine earnings management practices of insider controlled firms across twenty-two countries to shed light on the link between consumption of private benefits and earnings management. InsiderExpand
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Exit as Governance: An Empirical Analysis
Recent theory posits a new governance channel available to blockholders: threat of exit. Threat of exit, as opposed to actual exit, is difficult to measure directly. However, a crucial property isExpand
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The Effect of Enforcement on Timely Loss Recognition: Evidence from Insider Trading Laws
I use the first-time enforcement of insider trading laws in sixteen countries as a shock to enforcement and examine its influence on timely loss recognition (TLR). Consistent with greater enforcementExpand
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The Role of Stock Liquidity in Executive Compensation
ABSTRACT: We explore the role of stock liquidity in influencing the composition of CEO annual pay and the sensitivity of managerial wealth to stock prices. We find that as stock liquidity goes up,Expand
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Mark-to-Market Accounting and Information Asymmetry in Banks
We examine the relation between mark-to-market (MTM) accounting for securities and information asymmetry among bank investors. Relative to historical cost, MTM incorporates more timely information inExpand
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Is Silence Golden? Real Effects of Mandatory Disclosure
Mandatory disclosure provides benefits, but it also entails costs. One cost concerns managerial learning: by discouraging informed trading, disclosure could reduce managers’ ability to gleanExpand
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The Source of Information in Prices and Investment-Price Sensitivity
This paper shows that real decisions depend not only on the total amount of information in prices, but the source of this information—a manager learns from prices when they contain information notExpand
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Agency-based demand for conservatism: evidence from state adoption of antitakeover laws
We use antitakeover laws passed by several states in the mid-1980s and early 1990s as an exogenous increase in agency conflicts and examine how these laws affect the demand for asymmetric timelinessExpand
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