1. Introduction The price-earnings (PIE) valuation method estimates a firm's stock price as
the product of its earnings and the PIE multiple determined from a set of comparable firms. …

We use a simultaneous equations model to study forecast accuracy, analyst following, and
trading volume. Forecast accuracy and analyst following are determined simultaneously, with …

We present evidence that 20 percent of the 10-Ks in our sample are filed with the SEC after
the 90-day statutory due date. Firms that delay filing their 10-K are not a random sample of …

This study examines empirically the prediction of long-term stock return volatility. We find: (1)
when using historical volatility to predict five-year monthly volatility, returns should be …

This paper examines empirically the effects of domicile and SEC registration and reporting
requirements on information asymmetry. We compare the adverse-selection component of …

We examine the relative importance of taxes and nontax factors in explaining companies'
decision to divest using a sale to a third party versus a spinoff to existing shareholders. We find …

A smart beta portfolio that tracks an explicit smart beta index has two performance benchmarks:
the smart beta index itself and a cap-weighted index that represents the broader equity …

SINCE June 1943, all patients with hyperthyroidism treated at the Lahey Clinic have been
prepared for operation with the use of antithyroid drugs, and radical subtotal thyroidectomy …

This paper uses a simultaneous equations system to examine the effect of extreme accounting
events in the previous fiscal year on analyst following and forecast accuracy. We measure …

ment strategies group Page 1 ANDREW W. ALFORD is managing director in the quantitative
investment strategies group at Goldman Sachs Asset Management in New York, NY. …