Susan G. Watts

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We examine the stock price reaction to earnings announcements in the five years following seasoned equity offerings (SEOs). On average, post-SEO earnings announcements are met with a significantly negative abnormal stock price reaction. Although this negative reaction accounts for a disproportionately large portion of long-run post-SEO abnormal stock(More)
JEL classification: D81 G31 G32 G38 M41 M48 Keywords: Corporate investment Uncertainty Q theory Private companies Corporate disclosure Financial accounting Disclosure regulation a b s t r a c t Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss, and disseminate(More)
We study a firm's decisions to engage in socially responsible activities, voluntarily report on them and purchase external assurance of the report. In our signaling model, neither firm type nor the level of activity is observed. We show that if voluntary assurance is not too expensive, the firm that engages in more socially responsible activities purchases(More)
This paper gives an overview view of an integrated computer-assisted assessment system which is being developed from a proven Optical Mark Reader-based activity. Over 20,000 summative and formative tests are administered per annum at Kingston University using an OMR system. A new web-based system is being piloted alongside the assessment module in the(More)
This is to certify that the thesis/dissertation prepared By Entitled For the degree of Is approved by the final examining committee: Chair To the best of my knowledge and as understood by the student in the Research Integrity and Copyright Disclaimer (Graduate School Form 20), this thesis/dissertation adheres to the provisions of Purdue University's "(More)
We study two aspects of voluntary corporate social responsibility (CSR) disclosures: how they are provided on corporate websites (standalone versus web-based) and how their content varies with the decision to purchase external assurance. Larger firms and firms with higher capital expenditures (i.e., those with longer horizons or greater current exposure to(More)
We study the joint delegation of operating and disclosure choices in a multiprincipal agent setting. We find that joint delegation alters both the incentives to deviate from profit– maximizing operating choices and disclosure policy adoption choices. Incentive weights on revenues are greater for the firm with greater ex ante cost uncertainty, greater(More)