• Publications
  • Influence
Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations
We examine a comprehensive sample of going-dark deregistrations where companies cease SEC reporting, but continue to trade publicly. We document a spike in going dark that is largely attributable toExpand
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Corporate Political Donations: Investment or Agency?
We examine corporate donations to political candidates for federal offices in the United States from 1991 to 2004. Firms that donate have operating characteristics consistent with the existence of aExpand
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Tolerance for Failure and Corporate Innovation
Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure tolerance byExpand
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Corporate Fraud and Business Conditions: Evidence from IPOs
We examine how a firm’s incentive to commit fraud when going public varies with investor beliefs about industry business conditions. Fraud propensity increases with the level of investor beliefsExpand
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CEO Investment Cycles
This paper documents the existence of a CEO investment cycle, in which disinvestment decreases over a CEO's tenure, while investment increases, leading to “cyclical” firm growth in assets andExpand
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Investor Overconfidence and the Forward Premium Puzzle
We offer an explanation for the forward premium puzzle in foreign exchange markets based upon investor overconfidence. In the model, overconfident individuals overreact to their information aboutExpand
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Corporate Securities Fraud: Insights from a New Empirical Framework
Empirical analysis of corporate fraud faces a challenge because the commission of fraud is not directly observable. We observe only detected frauds. In this article, I introduce a new empirical modelExpand
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Contemporary patterns of fractional flow reserve and intravascular ultrasound use among patients undergoing percutaneous coronary intervention in the United States: insights from the National
To the Editor: The use of fractional flow reserve (FFR) and intravascular ultrasound (IVUS) to assess intermediate coronary stenoses (defined as 40% to 70% stenosis) has been associated withExpand
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Corporate Financial Distress and Bankruptcy: A Survey
This survey provides a synthetic and evaluative survey of issues in corporate financial distress and bankruptcy. This area has moved into a public domain as a result of the recent global financialExpand
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Learning About CEO Ability and Stock Return Volatility
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of theExpand
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