Working papers

Many investors rely on financial news agencies for information about companies despite the fact that much of it can be obtained directly from the companies themselves. The key reason appears to be that companies write press releases strategically, emphasizing... 

(with Alexander F. Wagner and Richard J. Zeckhauser) CEOs conducting earnings conference calls display distinctive styles in their word choice. Some CEOs emphasize uncertainty by using qualifying words such as “approximately”, “probably”, and...