Implied equity duration was originally developed to analyze the sensitivity of equity prices to
discount rate changes. We demonstrate that implied equity duration is also useful for …

We find a negative cross-sectional relation between firm growth potential and future returns
on delta-hedged equity options. We investigate three economic mechanisms: overpricing …

The FASB recently mandated disclosure of income statement expenses by nature (eg,
materials and labor) beginning in December 2027. Using a granular dataset of labor …

In this study, we examine the impact of an investment-oriented environmental policy on
corporate financing decisions that linked to sustainable production. Analyzing a large …

This study empirically examines the association between a firm's cost structure and the
discretionary investment (ie, underinvestment or overinvestment) it makes in the short run …

I develop a real options model to explain average returns and return volatilities of stock
portfolios sorted on the book-to-market ratio. While average returns increase monotonically …

A huge number of empirical studies discover seasonalities in stock, accounting, and macro-
economic variables. Citing only several recent examples, Chang et al.(2017) and Hartzmark …

We show that the negative relation between real investments and future stock returns is
primarily driven by the subsample of firms building additional capacity. We develop a real …