Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2014

Activist-appointed Directors

Angie LOW, Jun-Koo KANG, Jungmin KIM, Hyemin KIM
We investigate how governance reform affects board functioning and firm value through the labor market channel. We find that unseasoned independent directors (UIDs), directors entering the director labor market for the first time, are an important source of labor supply after the 2002 enactment of t...
Keywords: Unseasoned independent directors, Labor market, Sarbanes-Oxley Act, Board of director, Monitoring and advisory roles
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2015

Accounting Measurement of Assets and Earnings and Market Valuation of Firm Assets

Ning ZHANG, Chen QI
In this paper we evaluate the quality of accounting reports for valuation purpose from a measurement error based perspective. This perspective views accounting assets and earnings noisy measurements of their underlying economic constructs, economic assets and economic income. We show that the useful...
Keywords: Accounting measurement, economic assets, economic income, accural accounting
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting, Economic Transformation of Asia

|

May 2016

Accounting Based Regulation and Earnings Management

Radhakrishnan GOPALAN, Xiumin MARTIN, Kandarp SRINIVASAN
We document the distortionary effects of accounting-based regulation on reported earnings. In India only firms with negative book value of equity (networth) can seek bankruptcy protection. Using a novel dataset of bankrupt firms from India, we show that firms manage earnings downward to seek bankrup...
Keywords: bankruptcy, emerging markets, regulation, accruals, accounting rules, tunneling
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

A Unified Measure of Fed Monetary Policy Shocks

John ROGERS, Chunya BU, Wenbin WU
We develop a U.S. monetary policy shock series that stably bridges periods of conventional and unconventional policymaking, is largely unpredictable, and contains no significant central bank information effect. We attribute differences between our measure and often-used alternatives to our econometr...
Keywords: Monetary policy shocks, Policymaking, interest rates, inflation
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2024

A Tale of Two Zoos: Machine Learning Insights on Retail Investors

Pulak GHOSH, Huahao LU, Hong ZHANG, Jian ZHANG
This paper employs various machine learning models to analyze how stock characteristics (the "factor zoo") and behavioral biases (the "bias zoo") affect the returns of millions of retail investors in India. We observe that Neural Networks outperform other machine learning and OLS models in uniquely ...
Keywords: Machine Learning, behavioral biases, Retail Investors
  • View
  • Download
  • Bookmark
  •    |