• The nonequivalence of the earnings and dividends approaches to equity valuation 

      Stecher, Jack Douglas (Discussion paper, Working paper, 2005-09)
      Accounting theory treats a wide class of equity valuation approaches as equivalent. For example, under clean surplus accounting, the earnings approach is viewed as identical to the discounted dividends approach. Empirical ...
    • Trade and communication under subjective information 

      Stecher, Jack Douglas (Discussion paper, Working paper, 2006-01)
      This paper models an economy where agents perceive the choices they face subjectively, and have subjective interpretations of the terminology they use in a shared business language. Preferences are defined on what an agent ...