http://hdl.handle.net/2451/14088 http://archive.nyu.edu/retrieve/26724 http://hdl.handle.net/2451/14088 Search the Channel search http://archive.nyu.edu/simple-search http://hdl.handle.net/2451/27632 Title: Targeted Advertising: The Role of Subscriber Characteristics <br/> <br/>Chandra, Ambarish http://hdl.handle.net/2451/27631 Title: From Generic to Branded: A Model of Spillover in Paid Search Advertising <br/> <br/>Oliver, Rutz; Randolph, Bucklin http://hdl.handle.net/2451/27630 Title: Click Fraud <br/> <br/>Kenneth, Wilbur; Yi, Zhu http://hdl.handle.net/2451/27629 Title: Understanding, Estimating, and Incorporating Output Quality Into Join Algorithms For Information Extraction <br/> <br/>Jain, Alpa; Ipeirotis, Panagiotis; Gravano, Luis; Doan, Anhai <br/> <br/>Abstract: Information extraction (IE) systems are trained to extract specific relations from text databases. Real-world applications often require that the output of multiple IE systems be joined to produce the data of interest. To optimize the execution of a join of multiple extracted relations, it is not sufficient to consider only execution time. In fact, the quality of the join output is of critical importance: unlike in the relational world, different join execution plans can produce join results of widely different quality whenever IE systems are involved. In this paper, we develop a principled approach to understand, estimate, and incorporate output quality into the join optimization process over extracted relations. We argue that the output quality is affected by (a) the configuration of the IE systems used to process the documents, (b) the document retrieval strategies used to retrieve documents, and (c) the actual join algorithm used. Our analysis considers a variety of join algorithms from relational query optimization, and predicts the output quality –and, of course, the execution time– of the alternate execution plans. We establish the accuracy of our analytical models, as well as study the effectiveness of a quality-aware join optimizer, with a large-scale experimental evaluation over real-world text collections and state-of-the-art IE systems. http://hdl.handle.net/2451/27597 Title: Capitalization of R&D and the Informativeness of Stock Prices <br/> <br/>Oswald, Dennis R.; Zarowin, Paul <br/> <br/>Abstract: This paper presents both a new approach to studying the consequences of accounting choice and a unique sample to examine the effects of accounting choice in the R&D context. We investigate the effect of firms’ decision to capitalize R&D expenditures on the amount of information about future earnings reflected in current stock returns, as captured by the association between current-year returns and future earnings (FERC). We use a sample of U.K. firms, which includes both R&D capitalizers and expensers. An important feature of our tests is our use of a two equation system to control for the endogeneity of the accounting choice (i.e., self selection). Proponents of capitalization claim that it enables management to better communicate information about the success of projects and their probable future benefits. Consistent with this, we find that capitalization is associated with higher FERC than expensing. http://hdl.handle.net/2451/27596 Title: The Classification and Market Pricing of the Cash Flows and Accruals on Trading Positions <br/> <br/>Ryan, Stephen G.; Tucker, X. Jenny; Zarowin, Paul A. <br/> <br/>Abstract: We investigate whether the market prices the change in net trading assets as an operating or non-operating activity or some mixture of the two, and whether this market pricing is consistent with the (fundamental) association of the change in net trading assets with future cash flows from operations. Our investigation is motivated by the observation that – despite the classification of the cash flows on trading positions as operating under FAS 102 – trading is economically a hybrid operating/non-operating activity. Reflecting this hybrid nature, we hypothesize and find that the change in net trading assets has a less positive association with returns and future CFO than do the pure operating components of cash flows and accruals, and that it has a more positive association with returns and future CFO than do the pure non-operating components of cash flows. To the best of our knowledge, our paper is the first to propose and test hypotheses about the valuation implications of such hybrid cash flows and accruals. http://hdl.handle.net/2451/27595 Title: Accrual-Based and Real Earnings Management Activities Around Seasoned Equity Offerings <br/> <br/>Cohen, Daniel A.; Zarowin, Paul <br/> <br/>Abstract: We examine earnings management behavior around SEOs, focusing on both real activities and accrual-based manipulation, and how this behavior varies over time and cross-sectionally. Although research has addressed the issues of earnings management around SEOs and earnings management via real activities manipulation, ours is the first paper to put these two issues together. We make three contributions to the literature. First, we document that firms use real, as well as accrual-based, earnings management tools around SEOs. Second, consistent with the expectation that the Sarbanes-Oxley Act (SOX) has made accrual-based earnings management more costly, we find that firms have substituted from accrual to real earnings management after SOX. Finally, we show how the tendency for firms to tradeoff real versus accrual-based earnings management activities around SEOs varies cross-sectionally. We find that firms’ choices vary predictably as a function of the firm’s ability to use accrual management and the costs of doing so. Our model is a first step in examining how firms tradeoff between real versus accrual methods of earnings management.