This paper investigates alternative models of learning to explain changes in uncertainty
surrounding earnings innovations. As a proxy for investor uncertainty, we use model-free implied …

This study tests whether the information processing costs of analysts vary positively with the
environmental performance information available on the firms they follow. Consistent with …

This paper predicts and finds that investor uncertainty surrounding a key information release
event—the earnings announcement—is decreasing in a firm’s reporting streak. We use two …

High-frequency trading (HFT) systems come in different shapes and sizes. They include
stock and option market making systems, as well as other algorithm-driven strategies such as …

Analysts' earnings forecasts exclude other comprehensive income (OCI). However, OCI
affects firm value on a dollar-for-dollar basis and can enhance investors' assessments of the …

This paper investigates the factors that drove the US equity market returns from 2007 to early
2010. The period was highlighted by volatile energy and commodity prices, the collapse of …

This study explores how the stock market perceives the risk associated with a company's
patent portfolio. Utilizing a US patent sample, we examine the impact of three key patent …

We examine whether governance related shareholder activism is associated with changes
in audit committee composition. Audit committees are the “ultimate monitors” of firms’ …

We examine the relationship between firms’ quarterly earnings report timing and uncertainty
before quarterly earnings announcements. Prior research provides conflicting predictions …

The purpose of this study is to investigate option trading before earnings announcement
dates as a function of report saliency. We define report saliency as the number of firms …