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Manager-Debtholder Alignment and Opportunistic Income Smoothing
(2016-05-13)
Managers’ risk preferences are typically greater than those of debtholders. Managers have the potential to gain from risky activities, but debtholders share only in the losses. Debtholders recognize their misalignment with ...
Investors' Reactions to Management Earnings Forecasts: The Effects of Changes in Forecast Precision and Investor Preferences
(2014)
This study examines the effects of changes in management earnings forecast precision (i.e., changes in the width of the forecast range) and investor preferences on investor judgments. In general, prior research finds that ...
Which of These is Not Like the Other? The Role of Segment Reporting Differentiation in Determining Firm Value
(2015-05-08)
This study examines a firm’s excess value based on segment reporting for the firm and its peer group. Firms often operate in industry segments not reported by peers. When such operating segments are reported separately, ...
PEER FIRM EARNINGS QUALITY AND THE COST OF EQUITY
(2014-05)
This study examines how a firm’s cost of equity is affected by industry peer firms’ earnings quality. First, using Lambert, Leuz and Verrecchia (2007) as a theoretical basis, I predict and provide evidence that higher ...