Charles C. Y. Wang

Harvard Business School (HBS)

Glenn and Mary Jane Creamer Associate Professor

Soldiers Field

Boston, MA 02163

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • Harvard Business School (HBS)

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

34

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211

Scholarly Papers (34)

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1.

How Much Should We Trust Staggered Difference-In-Differences Estimates?

European Corporate Governance Institute – Finance Working Paper No. 736/2021, Rock Center for Corporate Governance at Stanford University Working Paper No. 246, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 61 Posted: 01 Mar 2021 Last Revised: 27 Jan 2022
Andrew Baker, David F. Larcker and Charles C. Y. Wang
Berkeley Law School, Stanford Graduate School of Business and Harvard Business School (HBS)
Downloads 11,985 (712)
Citation 4

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Difference in differences, staggered difference-in-differences designs, generalized difference-in-differences, dynamic treatment effects

2.

Core Earnings: New Data and Evidence

Harvard Business School Accounting & Management Unit Working Paper No. 20-047, October 2019, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 71 Posted: 11 Oct 2019 Last Revised: 24 Nov 2020
Ethan Rouen, Eric C. So and Charles C. Y. Wang
Harvard Business School, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School (HBS)
Downloads 10,938 (830)
Citation 10

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Core Earnings, Transitory Earnings, Non-Operating Earnings, Quantitative Disclosures, Equity Valuation, Big Data

3.

Learning and the Disappearing Association Between Governance and Returns

Downloads 4,186 ( 4,296)
Citation 101

Learning and the Disappearing Association Between Governance and Returns

Journal of Financial Economics, Vol. 108, No. 2, pp. 323-348, May 2013, Harvard Law School John M. Olin Center Discussion Paper No. 667
Number of pages: 56 Posted: 14 Apr 2010 Last Revised: 12 Jun 2014
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 3,894 (4,724)
Citation 18

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Corporate governance, governance indices, GIM, G-Index, E-Index, shareholder rights, entrenchment, market efficiency, learning, earning announcements, analyst forecasts, IRRC provisions, behavioral finance, asset pricing

Learning and the Disappearing Association between Governance and Returns

NBER Working Paper No. w15912
Number of pages: 44 Posted: 26 Apr 2010 Last Revised: 25 Jun 2023
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 292 (178,972)
Citation 24

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4.

Golden Parachutes and the Wealth of Shareholders

Journal of Corporate Finance, Vol. 25, April 2014, pp. 140-154, Harvard Law School John M. Olin Center Discussion Paper No. 683
Number of pages: 44 Posted: 02 Dec 2010 Last Revised: 14 Nov 2018
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 3,283 (6,462)
Citation 12

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Golden Parachute, Executive Compensation, Corporate Governance, Acquisitions, Takeovers, Acquisition Likelihood, Acquisition Premiums, Agency Costs, Tobin’s Q, Dodd-Frank

5.

Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects

Harvard Business School Accounting & Management Unit Working Paper No. 15-022, Rock Center for Corporate Governance at Stanford University Working Paper No. 197, Stanford University Graduate School of Business Research Paper No. 15-57, The Review of Financial Studies (RFS), Forthcoming
Number of pages: 79 Posted: 06 Aug 2010 Last Revised: 03 Mar 2021
Charles M.C. Lee, Eric C. So and Charles C. Y. Wang
Foster School of Business, University of Washington, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School (HBS)
Downloads 2,448 (10,171)
Citation 40

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Expected returns, expected return proxies, measurement errors, treatment effects

6.

Short-Termism and Capital Flows

Review of Corporate Finance Studies, Forthcoming., European Corporate Governance Institute (ECGI) - Law Working Paper No. 342/2017, Harvard Business School Accounting & Management Unit Working Paper No. 17-062
Number of pages: 48 Posted: 10 Jan 2017 Last Revised: 25 Nov 2018
Jesse M. Fried and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 2,145 (12,631)
Citation 8

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short-termism; quarterly capitalism; corporate governance; share buybacks; open market repurchases; dividends; equity issuances; seasoned equity offerings; equity compensation; acquisitions; payout policy; capital flows; capital distribution

7.

The European Commission's Sustainable Corporate Governance Report: A Critique

European Corporate Governance Institute - Law Working Paper 553/2020, Harvard Public Law Working Paper No. 20-30, Yale Journal on Regulation Bulletin
Number of pages: 27 Posted: 21 Oct 2020 Last Revised: 27 Apr 2021
Mark J. Roe, Holger Spamann, Jesse M. Fried and Charles C. Y. Wang
Harvard Law School, Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 1,902 (15,282)

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corporate governance, short-termism, hedge funds, shareholder activism, European Union, securities regulation, agency costs, research and development, political economy, investment, payouts, repurchases

8.

Economic Uncertainty and Earnings Management

Harvard Business School Accounting & Management Unit Working Paper No. 16-103, 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
Number of pages: 49 Posted: 11 Mar 2016 Last Revised: 02 Oct 2016
Luke C.D. Stein and Charles C. Y. Wang
Babson College and Harvard Business School (HBS)
Downloads 1,821 (16,358)
Citation 12

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Earnings management, discretionary accruals, uncertainty, implied volatility, earnings response coefficient

9.

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Downloads 1,760 (17,279)
Citation 3

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Harvard Law School John M. Olin Center Discussion Paper No. 697
Number of pages: 36 Posted: 13 Nov 2010 Last Revised: 11 Jun 2014
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 1,682 (18,174)
Citation 2

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Corporate governance, staggered boards, takeover defenses, antitakeover provisions, proxy fights, Tobin's Q, firm value, agency costs, Delaware, chancery court, Airgas

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

NBER Working Paper No. w17127
Number of pages: 36 Posted: 20 Jun 2011 Last Revised: 20 Apr 2023
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School (HBS)
Downloads 78 (532,865)
Citation 1

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10.

The Search for Peer Firms: When Do Crowds Provide Wisdom?

Harvard Business School Accounting & Management Unit Working Paper No. 15-032, Stanford University Graduate School of Business Research Paper No. 14-46, Rock Center for Corporate Governance at Stanford University Working Paper No. 198
Number of pages: 47 Posted: 02 Nov 2014 Last Revised: 07 Nov 2016
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Foster School of Business, University of Washington, University of Minnesota and Harvard Business School (HBS)
Downloads 1,537 (21,237)
Citation 4

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peer firm, performance benchmarking, EDGAR co-search, analyst co-coverage, wisdom of crowds, crowd of crowds

11.

Search Based Peer Firms: Aggregating Investor Perceptions through Internet Co-Searches

Journal of Financial Economics (JFE), Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 128, Harvard Business School Accounting & Management Unit Working Paper No. 13-048
Number of pages: 58 Posted: 06 Nov 2012 Last Revised: 05 Oct 2014
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Foster School of Business, University of Washington, University of Minnesota and Harvard Business School (HBS)
Downloads 1,537 (21,237)
Citation 70

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peer firm, EDGAR search traffic, revealed preference, co-search, industry classification

12.

Accounting Data, Market Values, and the Cross Section of Expected Returns Worldwide

Harvard Business School Accounting & Management Unit Working Paper No. 15-092
Number of pages: 60 Posted: 02 Jun 2015 Last Revised: 19 Jan 2016
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Goizueta Business School and Harvard Business School (HBS)
Downloads 1,497 (22,137)
Citation 13

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Expected returns, discount rates, fundamental valuation, present value, information quality, international equity markets

13.

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach

Journal of Financial Economics (JFE), Forthcoming, Harvard Business School Accounting & Management Unit Working Paper No. 13-050, Rotman School of Management Working Paper No. 2182628
Number of pages: 57 Posted: 02 Dec 2012 Last Revised: 20 Jun 2014
Matthew R. Lyle and Charles C. Y. Wang
Goizueta Business School and Harvard Business School (HBS)
Downloads 1,312 (26,886)
Citation 16

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Expected returns, discount rates, holding period returns, fundamental valuation, present value

14.

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 567/2018, Harvard Business School Accounting & Management Unit Working Paper No. 18-010
Number of pages: 64 Posted: 31 Jul 2017 Last Revised: 09 Aug 2019
Akash Chattopadhyay, Matthew Shaffer and Charles C. Y. Wang
University of Toronto - Rotman School of Management, University of Southern California and Harvard Business School (HBS)
Downloads 1,301 (27,208)
Citation 9

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JPX-Nikkei 400 index; Corporate governance; Index inclusion; Reputation incentives; Status incentives; Return on equity; Capital efficiency; Social norms

15.

Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach

Harvard Business School Accounting & Management Unit Working Paper No. 18-079, The Accounting Review, Forthcoming
Number of pages: 47 Posted: 26 Feb 2018 Last Revised: 20 Feb 2021
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Goizueta Business School and Harvard Business School (HBS)
Downloads 1,253 (28,810)
Citation 3

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Expected returns; Discount rates; Fundamental valuation; Implied cost of capital; International equity markets; Present value;

16.

How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment

Journal of Financial Economics, Vol. 110, No. 3, pp. 627-641, (2013), Harvard Business School Accounting & Management Unit Working Paper No. 13-068
Number of pages: 45 Posted: 04 Sep 2012 Last Revised: 25 May 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 1,182 (31,347)
Citation 20

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Corporate governance, Staggered board, Takeover defense, Antitakeover provision, Proxy fight, Tobin's, Firm value, Agency cost, Delaware, Chancery court, Airgas

17.

Going by the Book: Valuation Ratios and Stock Returns

Number of pages: 55 Posted: 27 Sep 2021 Last Revised: 23 May 2023
Ki-Soon Choi, Eric C. So and Charles C. Y. Wang
Boston College - Department of Accounting, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School (HBS)
Downloads 1,144 (32,836)
Citation 2

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Valuation; Market-to-book ratio; Value investing; Excess comovement

18.

Connecting Expected Stock Returns to Accounting Valuation Multiples: A Primer

Harvard Business School Accounting & Management Unit Working Paper No. 21-081
Number of pages: 18 Posted: 27 Jan 2021
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Goizueta Business School and Harvard Business School (HBS)
Downloads 1,078 (35,740)
Citation 3

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Expected returns, Present value, Valuation multiples

19.

Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital

Harvard Business School Accounting & Management Unit Working Paper No. 13-098
Number of pages: 62 Posted: 05 Dec 2011 Last Revised: 11 Feb 2015
Charles C. Y. Wang
Harvard Business School (HBS)
Downloads 1,065 (36,388)
Citation 12

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Expected returns, implied cost of capital, measurement errors

20.

Relative Performance Benchmarks: Do Boards Follow the Informativeness Principle?

Harvard Business School Accounting & Management Unit Working Paper No. 17-039
Number of pages: 52 Posted: 12 Jul 2016 Last Revised: 11 Oct 2018
Paul Ma, Jee-Eun Shin and Charles C. Y. Wang
University of Minnesota, University of Toronto - Rotman School of Management and Harvard Business School (HBS)
Downloads 1,038 (37,740)
Citation 1

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Executive compensation; relative performance evaluation; relative TSR; common shock filtration; systematic risk; search-based peers; board of directors; corporate governance; compensation consultants

21.

Short-Termism, Shareholder Payouts, and Investment in the EU

European Financial Management, Forthcoming, European Corporate Governance Institute - Law Working Paper 544/2020
Number of pages: 38 Posted: 13 Oct 2020 Last Revised: 03 Mar 2021
Jesse M. Fried and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 1,020 (38,672)
Citation 2

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short-termism; EU; payout policy; investment; innovation

22.

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

Downloads 929 (44,094)
Citation 14

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

Harvard Business School Accounting & Management Unit Working Paper No. 16-105, Stanford Law and Economics Olin Working Paper No. 498, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 499/2017, Contemporary Accounting Research, Forthcoming
Number of pages: 52 Posted: 10 Sep 2016 Last Revised: 11 Jun 2021
Robert Daines, Robert Daines, Shelley Xin Li and Charles C. Y. Wang
Stanford Graduate School of BusinessStanford Law School, University of Southern California - Marshall School of Business and Harvard Business School (HBS)
Downloads 901 (45,316)
Citation 8

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Staggered board; Entrenchment; Life-cycle; Tobin's Q; Investments; Innovation; Profitability; Institutional investors; Investor composition

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

Contemporary Accounting Research, Forthcoming, Stanford Law and Economics Olin Working Paper No. 568
Number of pages: 52 Posted: 03 Jul 2021 Last Revised: 13 Apr 2022
Robert Daines, Robert Daines, Shelley Xin Li and Charles C. Y. Wang
Stanford Graduate School of BusinessStanford Law School, University of Southern California - Marshall School of Business and Harvard Business School (HBS)
Downloads 28 (836,148)

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Staggered board, Life-cycle, Tobin’s Q, Investments, Innovation, Investor composition

23.

Government Shareholdings in Brokerage Firms and Analyst Research Quality

Harvard Business School Accounting & Management Unit Working Paper No. 18-095
Number of pages: 60 Posted: 14 Mar 2018 Last Revised: 23 Nov 2022
Sheng Cao, Xianjie He, Charles C. Y. Wang and Huifang Yin
Anhui University of Finance and Economics, Shanghai University of Finance and Economics - School of Accountancy, Harvard Business School (HBS) and Shanghai University of Finance and Economics
Downloads 719 (62,412)
Citation 1

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Sell-side analysts; Forecast optimism; Forecast accuracy; Government ownership; Shareholders; Emerging markets; Coordinated economies

24.

rTSR: Properties, Determinants, and Consequences of Benchmark Choice

Harvard Business School Accounting & Management Unit Working Paper No. 19-112
Number of pages: 49 Posted: 30 Apr 2019 Last Revised: 11 Jun 2021
Paul Ma, Jee-Eun Shin and Charles C. Y. Wang
University of Minnesota, University of Toronto - Rotman School of Management and Harvard Business School (HBS)
Downloads 604 (77,851)
Citation 3

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Relative TSR; Measurement error; Systematic risk; Compensation consultants; Style effects; Benchmark salience

25.

Stock Investors' Returns are Exaggerated

European Corporate Governance Institute - Law Working Paper No. 618/2021
Number of pages: 37 Posted: 16 Nov 2021 Last Revised: 29 Nov 2021
Jesse M. Fried, Paul Ma and Charles C. Y. Wang
Harvard Law School, University of Minnesota and Harvard Business School (HBS)
Downloads 564 (84,837)

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All-shareholder returns; capital flows; dividend reinvestment; equity premium; market timing; total shareholder returns

26.

Boardroom Centrality and Firm Performance

Journal of Accounting & Economics (JAE), 55(2-3): 225-250 (April-May 2013), Rock Center for Corporate Governance at Stanford University Working Paper No. 84
Number of pages: 56 Posted: 31 Jul 2010 Last Revised: 11 Mar 2016
David F. Larcker, Eric C. So and Charles C. Y. Wang
Stanford Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School (HBS)
Downloads 555 (86,543)
Citation 42

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board of director networks, analyst forecasts, market efficiency

27.

Is Accounting Useful for Forecasting GDP Growth? A Machine Learning Perspective

Number of pages: 57 Posted: 19 Apr 2021 Last Revised: 26 Apr 2021
Srikant Datar, Apurv Jain, Charles C. Y. Wang and Siyu Zhang
Harvard University - Accounting & Control Unit, MacroXStudio, Harvard Business School (HBS) and Harvard Business School
Downloads 379 (136,112)

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Accounting; Big Data; Elastic Net; GDP Growth; Machine Learning; Macro Forecasting; Short Fat Data

28.

Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

Forthcoming, Journal of Financial Economics
Number of pages: 19 Posted: 05 Dec 2015 Last Revised: 20 Apr 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 365 (141,872)
Citation 5

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Corporate governance, Staggered boards, Takeover defense, Antitakeover provision, Firm value, Agency costs, Delaware, Chancery court, Airgas

29.

Reexamining Staggered Boards and Shareholder Value

Journal of Financial Economics, Vol. 125, No. 3, September 2017, pp. 637-647, Harvard Law School John M. Olin Center Discussion Paper No. 908
Number of pages: 32 Posted: 13 Jun 2017 Last Revised: 12 Dec 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 364 (142,323)
Citation 1

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Corporate Governance, Staggered Boards, Takeover Defense, Antitakeover Provisions, Firm Value, Delaware, Airgas

30.

Variable Leases Under ASC 842: First Evidence on Properties and Consequences

Number of pages: 52 Posted: 11 Nov 2022 Last Revised: 03 May 2023
Jonas Heese, Albert Shin and Charles C. Y. Wang
Harvard University - Business School (HBS), Harvard University - Business School (HBS) and Harvard Business School (HBS)
Downloads 329 (158,755)

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ASC 842, Lease Accounting, Reclassification, Variable Leases, Off-balance-sheet liabilities

31.

Are Public Firms Disappearing? Corporate Law and Market Power Analyses

Number of pages: 40 Posted: 03 Mar 2023
Mark J. Roe and Charles C. Y. Wang
Harvard Law School and Harvard Business School (HBS)
Downloads 280 (187,927)

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IPOs, public companies, corporate law, private equity, venture capital, securities regulation, merger guidelines, monopolization, concentration, Sarbanes-Oxley, antitrust

32.

Explaining the Glass-Steagall Act’s Long Life, and Rapid Eventual Demise

Number of pages: 64 Posted: 09 Jan 2011
Charles C. Y. Wang and Yi David Wang
Harvard Business School (HBS) and University of International Business and Economics (UIBE) - School of Banking and Finance
Downloads 267 (197,210)
Citation 3

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Glass-Steagall Act, financial regulation, commercial banking regulation

33.

Governance Transparency and Firm Value: Evidence from Korean Chaebols

Harvard Business School Accounting & Management Unit Working Paper No. 22-012
Number of pages: 57 Posted: 27 Sep 2021 Last Revised: 19 Aug 2023
Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C. Y. Wang
University of Toronto - Rotman School of Management, National University of Singapore (NUS) - NUS Business Schoolaffiliation not provided to SSRN and Harvard Business School (HBS)
Downloads 250 (210,501)

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Governance transparency; Ownership transparency; Valuation; Earnings response coefficient; Circular shareholding

34.

Commentary on Implied Cost of Equity Capital Estimates as Predictors of Accounting Returns and Stock Returns

The Journal of Financial Reporting (Forthcoming)
Posted: 29 Jul 2017
Charles C. Y. Wang
Harvard Business School (HBS)

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Other Papers (1)

Total Downloads: 30
Actions:
Email selected abstracts
1.

Economic Uncertainty and Earnings Management

Harvard Business School Accounting & Management Unit Working Paper No. 16-103, 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
Number of pages: 49 Posted: 11 Mar 2016
Luke C.D. Stein and Charles C. Y. Wang
Babson College and Harvard Business School (HBS)
Downloads 30

Abstract:

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Earnings management, discretionary accruals, uncertainty, implied volatility, earnings response coefficient