2013

11.26.2013 and 12.3.2013 
EIA: International Commentary–June-2013 (currently available only to clients)
In this two-part issue commentary, we look at eleven international firms with insiders who recently engaged in unusual transaction activity, that we believe could be indicative of positive or negative sentiment. Part 1 Part 2

9.04.2013  
EIA: International Commentary–June-2013 (currently available only to clients)
In this issue commentary, we look at seven international firms with insiders who recently engaged in unusual transaction activity, that we believe could be indicative of positive or negative sentiment.

7.23.2013  
EQA: Tax Commentary–2013 (currently available only to clients)
In our second annual Tax Commentary, we examine footnote disclosures to gain insights into some of the more aggressive strategies some firms may be using to reduce their tax provisions.

7.08.2013  
EQA: Bank Commentary–July-2013 (currently available only to clients)
In this semiannual review of earnings quality and valuation in the Banking Sector, we analyze the quality of earnings at seven banks that may be overvalued relative to peers.

6.04.2013  
EIA: International Commentary–June-2013
In the first of what will be a quarterly examination of insider activity in foreign countries, we look at nine international firms with insiders who recently engaged in unusual transaction activity, that we believe could be indicative of positive or negative sentiment, as opposed to simple diversification (in the case of sales).

2012

6.21.2012  
EQA: Pension Commentary–2012
The six firms reviewed disclosed pension-accounting assumptions that are out of line with the rest of the publicly traded universe. As a result, their balance sheets may not provide an accurate portrayal of their financial position, while their future earnings and cash-flow streams may be at risk for unexpected declines.

5.23.2012  
EQA: Tax Commentary–2012
An examination of the risks associated with abnormally low Effective Tax Rates (ETRs):  With one of the highest statutory corporate income tax rates in the world, we would expect U.S. companies to attempt to exploit regulatory loopholes in order to minimize taxes. Our analysis indicates that some companies may be more aggressive than others in their efforts to reduce their ETRs.

2011

8.08.2011  
EQA: Pension Commentary–2011
While pension asset balances generally rebounded in 2010, many firms continue to face significant funding shortfalls. We analyzed 2010 fiscal year-end pension disclosures for hundreds of U.S. firms with material pension-plan obligations. The six firms reviewed disclosed pension-accounting assumptions that are out of line with norms.

2010

9.23.2010  
EQA: Bank Commentary–Sept-2010
Quarterly review of earnings quality and valuation in the Banking Sector

7.15.2010  
EQA: Pension Commentary–2010
Some firms have huge pension shortfalls obscured by favorable assumptions.

6.02.2010  
EQA: Bank Commentary–June-2010
An examination of overvalued and undervalued banks.

3.22.2010  
EIA: Executive Behavioral Signals–2010
A review of the historical performance of executive behavioral signals regarding option-exercise activity, along with examples of Gradient work for each signal and a sample of ideas our analysts are following.

3.15.2010  
EQA: Bank Commentary–March-2010
An examination of overvalued and undervalued banks.

2009

10.28.2009  
EIA: Rule 10b5-1 Trading Plans
In this commentary we briefly review the circumstances surrounding the charges brought by the SEC against Countrywide Financial CEO Angela Mozilo. Additionally, we look at the signs of potentially aggressive plan use that were present (and publicly available) at the time of the subject trades.

9.29.2009  
EQA: Bank Commentary–Sept-2009
Quarterly review of earnings quality and valuation in the Banking Sector

9.11.2009  
EIA: Move to Inactive
Moving 21 firms with negative grades and 10 firms with positive grades to our Inactive Library.

7.07.2009  
EQA: Pension Commentary–2009
Some firms have huge pension shortfalls obscured by favorable assumptions.

6.25.2009  
EQA: Bank Commentary–June-2009
Revisiting earnings quality and valuation in the Banking Sector.

4.14.2009  
EIA: Hedging Activities by Executives
New academic evidence suggests that hedging transactions by executives are used opportunistically on average.