Unlocking Forecast Quality: The Power of Material Sustainability Disclosures
In 2013, the Sustainability Accounting Standards Board (SASB) began releasing guidelines to identify material (or financially relevant) sustainability metrics. This study investigates the effects of material and immaterial sustainability activities on analyst forecast error and dispersion. We further examine how these effects are influenced by the issuance of stand-alone sustainability reports and the release of SASB’s material sustainability standards.
Effects of Greenhouse Gas Emissions and Climate Change Policy on Audit Fees
This study explores the correlation between greenhouse gas (GHG) emissions from U.S. companies and their audit fees, driven by the escalating frequency and intensity of extreme weather events. Building on prior research that connects climate risk, regulation, and audit fees, our investigation uses a sample of companies with Scope 1 GHG emissions sourced from the U.S. Environmental Protection Agency’s (EPA’s) Greenhouse Gas Reporting Program (GHGRP). Our results show a positive association between GHG emissions and audit fees.
Ghosts in the Classroom: How AI Fraud Is Haunting College Campuses
As International Fraud Awareness Week marks 25 years, the Smith School’s Samuel Handwerger warns that AI is fueling both false cheating accusations and large-scale “ghost student” financial-aid fraud—revealing how technology now endangers academic integrity, accountability, and public trust.
Building credible commitments via board ties: Evidence from the supply chain
Using a novel dataset that provides a comprehensive coverage of U.S. firms' industrial supply chain relationships, we find that firms with innovation specific to a buyer are more likely to share a common director with that buyer. This association is stronger when the buyer has a larger number of alternative suppliers. We further find that when a supplier–buyer pair shares a common director, the supplier's R&D investment is more sensitive to the investment opportunities of its buyer. Moreover, such pairs tend to have longer supply chain relationships.
21 Smith School Professors Named Among Top 2% Scholars Worldwide
Twenty-one Smith School professors were named among the top 2% most cited researchers globally, according to Elsevier’s 2025 study across 22 fields. Representing both current and emeritus faculty, their impactful research advances business knowledge and global academic excellence.
UMD Justice for Fraud Victims and State’s Attorney Partner to Fight Financial Crime in Frederick
The University of Maryland’s Justice for Fraud Victims program is partnering with the Frederick County State’s Attorney’s Office Economic Crimes Unit to fight financial crime, following a successful Prince George’s County collaboration, providing forensic accounting and courtroom support for investigations.
Biodiversity Entrepreneurship
We study an emerging class of start-up organizations focused on biodiversity conservation and the challenges they face in financing these ventures. Using a novel machine learning method, we identify 630 biodiversity-linked start-ups in PitchBook and compare their financing dynamics to other ventures. Biodiversity start-ups raise less capital but attract a broader coalition of investors, including not only venture capitalists (“value investors”) but also mission-aligned impact funds and public institutions (“values investors”).
In-person Site Visits Matter, Even In the Age of AI
Smith School Associate Professor Sean Cao’s research shows investor site visits do more than gather information. On-site interactions also monitor managers, improving efficiency—an essential human role that artificial intelligence, he argues, cannot replace.
TerpTax: Social Media Tax Scam Epidemic
Sam Handwerger warns that TikTok is spreading 2025 tax scams, from fuel credit claims to fake W-2s and bogus self-employment credits. With AI voice cloning adding risks, the IRS created CASST and issued alerts urging caution over online tax advice.