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Article
Outside directors’ insider trading around board meetings
Using a novel dataset of US companies’ regular board meeting schedules, we find evidence of informed trading by outside directors prior to board meetings. During the days prior to board meetings, when outside ...
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Article
Linear valuation without OLS: the Theil-Sen estimation approach
OLS-based archival accounting research encounters two well-known problems. First, outliers tend to influence results excessively. Second, heteroscedastic error terms raise the specter of inefficient estimation...
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Article
Financial statement comparability and credit risk
Prior research shows that firms’ financial statement comparability improves the accuracy of market participants’ valuation judgments and thus may reduce firms’ costs of capital. Distinct from prior research fo...