作者：Core, John E.; Guay, Wayne; Larcker, David F.
作者单位：University of Pennsylvania; Stanford University
摘要：We examine the press' role in monitoring and influencing executive compensation practice using more than 11,000 press articles about CEO compensation from 1994 to 2002. Negative press coverage is more strongly related to excess annual pay than to raw annual pay, suggesting a sophisticated approach by the media in selecting CEOs to cover. However, negative coverage is also greater for CEOs with more option exercises, suggesting the press engages in some degree of sensationalism. We find little ...
作者：Evans, Martin D. D.; Lyons, Richard K.
作者单位：Georgetown University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Macro news can affect currency prices directly and indirectly via order flow. Past research shows that the direct effects of scheduled macro news account for less than 10% of daily price variance. This paper shows that the arrival of macro news can account for more than 30% of daily price variance. Two features of our analysis account for this finding: (1) We consider the broad spectrum of macro news items that market participants observe, not just scheduled announcements. (2) We allow the arr...
