Introduction

Research is an essential part of each faculty member’s work.  The department’s research mission calls for “a sustained output of published research in professional journals and other scholarly activities that achieves a national scholarly reputation among other academic institutions, professional groups, and business organizations.”

The department also provides a supervisory role with students who undertake research. Graduate students have the opportunity to engage in research through both the MSA Program, with its optional thesis, the MBA program, and/or the Ph.D. program in Economics.  Undergraduates have the opportunities to engage in research through the UROP (Undergraduate Research Opportunities Program) and/or the University’s Honors’ program.
The department supports a wide range of research interests and, as such, is subscribed to several databases through Wharton Research Data Services (WRDS) and other sources. (WRDS is a password-protected interface that allows access to various databases. Access to the system is available to ALL faculty, staff, and students of the Whittemore School.

ACFI Seminars

Departmental seminars and presentations are held regularly throughout the year.

Databases

The department has access to the following databases for research purposes:

Main Databases On WRDS:

• Center for Research in Security Prices (CRSP)
• COMPUSTAT
• Information Resources, Inc. (IRI) – Point-of-sale information from grocery and drug stores
• Investor Responsibility Research Center (IRRC)
• Director’s Data
• Corporate Takeover Defense and Governance Data
• Thomson Financial Ownership Database – Insiders Filing Data

• Bank Regulatory
• Blockholders
• Fama French Portfolios and Factors
• Federal Deposit Insurance Corporation (FDIC) Database
• Federal Reserve Bank Reports
• Penn World Tables
• Philadelphia Stock Exchange United Currency Options Market
• SEC Disclosure of Order Execution

2. DATABASES Not Available through WRDS, but through individual faculty:

Institutional Brokers Estimate System (IBES)

Venture Expert

NCCS database: Form 990 database (tax returns for non-profit organizations)IMF data

3. Other resources

• National Bureau of Economic Research Working Papers - www.nber.org (Coutesy of Reagan)
• SSRN (Site license, ACFI Dept)
• University of NH's Dimond Library database collection
• Journal Storage (JSTOR)
• Business Source – online journals
• Etc.

 
 

RECENT PUBLICATIONS AND WORKING PAPERS of ACFI
2000-2003

Author	Co-author	Paper Title	Date
Becker-Blease		Does Index Inclusion Improve Firm Visibility and Transparency. Working Paper	2003
Becker-Blease	Paul	Stock Liquidity and investment Opportunities: Evidence from Index Additions, Working Paper	2003
Ciccone, S	Benesh	Trading Commissions, Portfolio Turnover Rates, and Wealth Accumulation. Journal of Research in Finance, vol. 3, nos. 1 and 2 (Summer/Winter): 152-171.	2000
Ciccone, S	Ang	Analyst Forecasts and Stock Returns. Working Paper	2001
Ciccone, S		Analyst Forecast Properties, Financial Distress, and Business Risk. Working Paper	2001
Ciccone	Ang	International Differences in Analyst Forecast Properties. Working Paper	2001
Ciccone, S		Improvement in the Forecasting Ability of Analysts. Working Paper	2002
Ciccone, S		Forecast Dispersion and Error versus Size, Book-to-Market and Momentum: A Comparison of Anomalies from 1992-2000. Journal of Asset Management, vol. 3, no. 4 (March): 333-344.	2001
Ciccone, S		GAAP versus Street Earnings: Making Earnings Look Higher and Smoother. Accounting Enquiries, vol. 11, no. 2 (Spring/Summer): 155-186.	2002
Ciccone, S	Boyer/Wang	Insider Trading and Earnings Reporting: Evidence of Managerial Optimism or Opportunism? Working Paper	2003
Ciccone, S	Rocco	The Tech Industry or the Regulated Industry: Which One Has the True Glamour Stocks? Working Paper	2003
Ciccone, S		Does Analysts Optimism about Future Earnings Distort Stock Prices.  Journal of Behavioral Finance, vol. 4, no. 2: 59-64.	2003
Ciccone, S	Etebari	Analyst Earnings Forecast Trends in Pacific Rim Countries. Managerial Finance, v. 30, n. 7, 2003	2003
Craycraft, C	Sedo	Immigration, Financial Stability and Municipal Bond Ratings. Working Paper
Craycraft, C	DeStefano/Smith	E-government; Providing Financial Information via the World Wide Web. Working Paper
Etebari, A	Tourani/Gilbert	Disclosure Regulation and Insider Trading Profits: Evidence from New Zealand. Pacific Basin Finance Journal (forthcoming)	2003
Etebari, A	Tourani/Gilbert	Profitability of Insider Trading: New Zealand Evidence. UA Business Review, 2003	2003
Etebari, A	Ciccone	Analyst Earnings Forecast Trends in Pacific Rim Countries. Managerial Finance, v. 30, n. 7, 2003.	2003
Etebari, A	Singh,Mathur	Implications of the Trend and Performance of Business Diversification: An Empirical Investigation. Journal of Business and Economic Studies, v. 7, n. 2, 2001	2001
Etebari, A	Lont	Monthly and Daily Patterns in Equity Returns: New Zealand Evidence. The New Zealand Investment Analyst, Issue 22, October 2001.	2001
Freear, J			2001
Grein, B	Hand/Kalssen	The Stock Price Impact of Repricing Employee Stock Options. Working Paper	2003
Irani, A		Management Earnings Forecast Bias and Insider Trading: Comparison of Distressed and Non-Distressed Firms, Journal of Business and Economic Studies, Spring 2003	2001
Irani, A	Karamanou	Regulation Fair Disclosure, Analyst Following and Analyst Forecast Dispersion, Accounting Horizons, Vol. 17, No. 1, March 2003, pp. 15-29.	2002
Irani, A		The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts, Review of Quantitative Finance and Accounting, 2003.	2003
Irani, A		Determinant of Bias in Management Earnings Forecasts (Accounting Enquiries, Vol. 10, No. 1, Fall/Winter 2000/2001, pp. 33-86.	2001
Kaen, F
Smith, T	Park	On the Progress of Option-Regulating Legislation,	2003
Smith, T	Christensen/Stuerke	Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements, Journal of Business Finance and Accounting, V. 31 (7 and 8), Sep-Oct 2004.	2003
Smith, T		Tax Policy Effectiveness as Measured by Responses to Limits Placed on the Deduction of Executive Compensation, Advances in Taxation (forthcoming).	2003
Smith, T	Christensen/Hoyt	The Value Relevance of News Announcements about Property-Liability Insurers: An Analysis of Coverage in Public Media	2003
Smith, T	Dickson	Panache Jewelers, Journal of the International Academy for Case Studies,v 8, n 2, 2002.	2002
Smith, T	Charnigo	On the Suboptimality of Compensation in Major League Baseball	2001
Tate, S		Differences in Financial Statement and Compliance Audit Assessments Between Big 5 and Non-Big 5 Auditors. Working Paper
Xu, Emily		One Year-Ahead Analysts' Forecasts vs. the V/P Ratio: The Predictive Power of the Residual Income Based Valuation Model, Working Paper	2002
Xu, Emily	Elgers/Porter	Are Industry and Firm Specific Components of Earnings Accurately Reflected in the Annual Earnings Expectations of Financial Analysts and Investors? Working Paper	2003