Most of my research (including unpublished) is available on my SSRN page. I also have a Google Scholar page.
Working papers:
Do Actions Speak Louder than Words? The Relation Between Payouts and Guidance Since 2000. With Yao Lu. August 2023. Revised November 2024. Under revision. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4322036
Moving Forward: Management Guidance and Earnings Announcement Returns. With Yao Lu. April 2020, Revised September 2020. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3687764
Publications (reverse chronological order):
Agency Costs of Free Cash Flow, Capital Allocation, and Payouts. With Harry DeAngelo and Kathleen Kahle. 2025. In press. Journal of Financial Economics.
Why Did the Big 4 Get So Large? Evidence from Australia. (Previous title, “The Evolution of Audit Market Structure and the Emergence of the Big Four: Evidence from Australia.”) With Matthew Pinnuck and Colin Ferguson (deceased). Review of Accounting Studies 30 (September 2025): 2508-2554.
Corporate Managers’ Perspectives on Forward-Looking Guidance: Survey Evidence. With Andrew C. Call, Paul Hribar, and David Volant. Journal of Accounting & Economics, 78, 2-3 (November-December 2024): 101731.
Importing Activists: Determinants and Consequences of Increased Cross-border Shareholder Activism. With Mark G. Maffett and Anya Nakhmurina. Journal of Accounting & Economics 74, 2-3 (November-December 2022): 101538.
Run EDGAR Run: SEC Dissemination in a High Frequency World. With Jonathan L Rogers and Sarah L. C. Zechman. Journal of Accounting Research 55, 2 (May 2017): 459-505.
FARS Best paper prize, 2020.
Is Japan Really a “Buy”? The Corporate Governance, Cash Holdings, and Economic Performance of Japanese Companies. With Kazuo Kato and Meng Li. Journal of Business Finance & Accounting 44, 3 & 4 (March/April 2017): 480-523.
The role of the media in disseminating insider trading news. With Jonathan L. Rogers and Sarah L. C. Zechman. Review of Accounting Studies 21, 3 (September 2016): 711-739.
BlackRock prize for best paper, Review of Accounting Studies conference, 2015.
Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends. With Eric Floyd and Nan Li. Journal of Financial Economics 118, 2 (November 2015): 299-316.
The Politics of Accounting Standard-Setting: A Review of Empirical Research. With Brandon Gipper and Brett J. Lombardi. Australian Journal of Management 38, 3 (December 2013): 523-551.
Audit Quality and Auditor Reputation: Evidence from Japan. With Suraj Srinivasan. The Accounting Review 87, 5 (September 2012): 1737-1765.
Measuring Securities Litigation Risk. With Irene Kim. Journal of Accounting & Economics 53, 1-2 (February-April 2012): 290-310.
What Do Dividends Tell Us About Earnings Quality? With Eugene Soltes. Review of Accounting Studies 16, 1 (March 2011): 1-28.
Implications for GAAP from an analysis of positive research in accounting. With S. P. Kothari and Karthik Ramanna. Journal of Accounting & Economics 50, 2-3 (December 2010): 246-286. (Invited review paper.)
Earnings Guidance and Market Uncertainty. With Jonathan Rogers and Andrew Van Buskirk. Journal of Accounting & Economics 48, 1 (October 2009): 90-109.
Management Forecasts in Japan: An Empirical Study of Forecasts that are Effectively Mandated. With Kazuo Kato and Michio Kunimura. The Accounting Review 84, 5 (September 2009): 1575-1606.
Corporate Payout Policy. With Harry DeAngelo and Linda DeAngelo. Foundations and Trends in Finance 3, 2-3, 2008: 95-287.
The Rise of Deferred Tax Assets in Japan: The Role of Deferred Tax Accounting in the Japanese Banking Crisis. Journal of Accounting and Economics 46, 2-3, 2008: 218-239.
Accounting for Intangibles – A Critical Review of Policy Recommendations. Accounting and Business Research 38, 3, 2008: 191-204.
A reply to Lev’s rejoinder to ‘Accounting for Intangibles – A Critical Review of Policy Recommendations.’ Accounting and Business Research 38, 3, 2008: 215-216.
The Evolving Relation between Earnings, Dividends, and Stock Repurchases. Journal of Financial Economics 87, 3, March 2008: 582-609.
Does Earnings Guidance Affect Market Returns? The Nature and Information Content of Aggregate Earnings Guidance. With Carol Anilowski and Mei Feng. Journal of Accounting and Economics 44, 1-2, September 2007: 36-63.
Earnings Momentum and Earnings Management. With James Myers and Linda Myers. Journal of Accounting, Auditing and Finance, 22, 2, Spring 2007: 249-284.
FARS Best paper prize, 2009.
Are Dividends Disappearing? Dividend Concentration and the Consolidation of Earnings. With Harry DeAngelo and Linda DeAngelo. Journal of Financial Economics, 72, 3, June 2004: 425-456.
Jensen Prize for best paper, Corporate Finance and Organizations.
Employee Stock Options, EPS Dilution, and Stock Repurchases. With Daniel Bens, Venky Nagar, and M. H. Franco Wong. Journal of Accounting and Economics, 36, 1-3, December 2003: 51-90.
The Role of Supplementary Statements with Management Earnings Forecasts. With Amy P. Hutton and Gregory S. Miller. Journal of Accounting Research 41, 5, December 2003: 867-890.
Large Sample Evidence on the Debt Covenant Hypothesis. With Ilia Dichev. Journal of Accounting Research, 40, 4, September 2002: 1091-1123.
Earnings Surprises, Growth Expectations, and Stock Returns or Don’t Let an Earnings Torpedo Sink Your Portfolio. With Richard Sloan. Review of Accounting Studies, 7, 2/3, June/September 2002: 289-312.
Special Dividends and the Evolution of Dividend Signaling. With Harry DeAngelo and Linda DeAngelo. Journal of Financial Economics, 57, 3, September 2000: 309-354.
Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators. With Patricia Dechow. Paper delivered at the AAA/FASB Financial Reporting Issues Conference in December, 1999. Accounting Horizons, 14, 2, June 2000: 235-250.
An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium. With Richard Frankel and Marilyn Johnson. Journal of Accounting Research 37, 1, Spring 1999: 133-150.
Determinants of the Valuation Allowance for Deferred Tax Assets under SFAS-109. With Gregory S. Miller. The Accounting Review 73, 2, April 1998: 213-233.
Earnings Disclosures and Stockholder Lawsuits. Journal of Accounting & Economics 23, 3, November 1997: 249-282.
Reversal of Fortune: Dividend Policy and the Disappearance of Sustained Earnings Growth. With Harry DeAngelo and Linda DeAngelo. Journal of Financial Economics 40, 3, March 1996: 341-371.
Why Firms Voluntarily Disclose Bad News. Journal of Accounting Research 32, 1, Spring 1994: 38-60.
How Do Taxes Affect Investors' Stock Market Realizations? Evidence from Tax-Return Panel Data. With H. Nejat Seyhun. Journal of Business 67, 2, April 1994: 231-262.
Accounting Choice in Troubled Companies. With Harry DeAngelo and Linda DeAngelo. Journal of Accounting & Economics 17, 1-2, January 1994: 113-143.
The Investment Opportunity Set and Accounting Procedure Choice: Preliminary Evidence. Journal of Accounting & Economics 16, 4, October 1993: 407-445.
Dividends and Losses. With Harry DeAngelo and Linda DeAngelo. The Journal of Finance 47, 5, December 1992: 1837-1863.
Options Markets and the Information Content of Accounting Earnings Releases. Journal of Accounting & Economics 13, 3, October 1990: 191-211.
Options Markets and Stock Return Volatility. Journal of Financial Economics 23, 1, June 1989: 61-78.
Conference Proceedings
Stock Returns, Trading Volume, and Bid-Ask Spreads Around Earnings Announcements: Evidence from the NASDAQ National Market System. Proceedings: Seminar on the Analysis of Security Prices, 36, 1, May 1991: 289-329.