, deterring many companies from becoming ones. The dispersion of authority and supervision among several agencies and under several laws causes duplication of work, a lack of coherence and continuity. Besides
possibilities of both arguments, I empirically conduct four sets of analyses. All empirical analyse are centered upon the observation that firms report a string of consecutively earnings increases. A firm with a
Alpha, Beta, and Now…Gamma David Blanchett, CFA, CFP® Head of Retirement Research Morningstar Investment Management Paul Kaplan, Ph.D., CFA Director of Research Morningstar Canada August 28, 2013 Morningstar Investment Management Page 2 of 27©2013 Morningstar. All rights reserved. This document includes proprietary material of Morningstar. Reproduction, transcription or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The Morningstar I...
circumvent this assumption by using Hainmueller's (2012) entropy balancing methodology, a variant on traditional matching algorithms. Entropy balancing compensates for self-selection produced by observable