Flight to Earnings: The Role of Earnings in Periods of Capital Scarcity

The authors thank Brian Bushee (editor), an anonymous associate editor, and referees for helpful comments and suggestions. They also thank Richard Sloan (London Business School, LBS, discussant) as well as Mary Barth, Robert Bushman, Gavin Cassar, John Core, Mike Drake, Travis Dyer, Vivian Fang, Valere Fourel, Michelle Hanlon, John Hand, Mirko Heinle, Kurt Gee, Jinhwan Kim, Roby Lehavy, Becky Lester, Hyung Il Oh, Bill Mayew, Stephen Ryan, Daniel Saavedra, Brady Twedt, Rodrigo Verdi, Rahul Vashishtha, Jessica Watkins, Joe Weber, and Teri Yohn as well as seminar participants at the Massachusetts Institute of Technology, LBS Trans-Atlantic Doctoral Conference, Brigham Young University Accounting Research Symposium, Temple University, University of Maryland, LBS Conference, Thaler-Fuller Asset Management, Indiana University, IESE, INSEAD, Erasmus University, London School of Economics, and Duke/University of North Carolina Fall Camp for helpful comments and suggestions. All errors are our own.