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作者：Alam, Zinat S.; Chen, Mark A.; Ciccotello, Conrad S.; Ryan, Harley E., Jr.
作者单位：State University System of Florida; University of Central Florida; University System of Georgia; Georgia State University; University of Denver
摘要：We examine how the director independence mandates of the Sarbanes-Oxley Act (SOX) and related reforms affected board geography and the quality of financial reporting. Using 1998-2006 data on the residential addresses of individual directors, we document that the geographic proximity to headquarters of audit committees and other monitoring committees declined upon implementation of the mandates. The decrease in proximity was especially large for those firms that were both SOX noncompliant and s...
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作者：Ball, Ryan T.; Ghysels, Eric
作者单位：University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR); University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina; University of North Carolina Chapel Hill
摘要：Prior studies attribute analysts' forecast superiority over time-series forecasting models to their access to a large set of firm, industry, and macroeconomic information (an information advantage), which they use to update their forecasts on a daily, weekly or monthly basis (a timing advantage). This study leverages recently developed mixed data sampling (MIDAS) regression methods to synthesize a broad spectrum of high frequency data to construct forecasts of firm-level earnings. We compare t...
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作者：Huffman, David; Bognanno, Michael
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：A previous literature cautions that paying workers for performance might crowd out nonmonetary motives towork hard. Empirical evidence from the field, however, has been based on between-subjects designs that are best suited for detecting crowding out due to low-powered incentives. High-powered incentives in the workplace tend to increase output, but it is unknown whether this masks crowding out. This paper uses a within-subject experimental design and finds evidence that crowding out also exte...
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作者：Kausar, Asad
作者单位：Nanyang Technological University
摘要：This paper examines whether earnings levels predict future returns distinct from earnings changes. I find that the predictive ability of earnings levels is subsumed by and is not incremental to the predictive ability of earnings changes. Specifically, I find that trading strategies based on net income, operating profitability, and gross profitability do not earn significant abnormal returns after controlling for earnings changes. My evidence suggests that these anomalies are an artifact of pos...
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作者：Bernard, Carole; Rheinberger, Christoph M.; Treich, Nicolas
作者单位：Grenoble Ecole Management; Vrije Universiteit Brussel; European Chemicals Agency; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：Catastrophe aversion and risk equity are important concepts both in risk management theory and practice. Keeney [Keeney RL (1980) Equity and public risk. Oper. Res. 28(3):527-534] was the first to formally define these concepts. He demonstrated that the two concepts are always in conflict. Yet his result is based on the assumption that individual risks are independent. It has therefore limited relevance for real-world catastrophic events. We extend Keeney's result to dependent risks and derive...
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作者：Graddy, Kathryn; Lieberman, Carl
作者单位：Brandeis University; Princeton University
摘要：Does creativity, on average, increase or decrease during bereavement? Dates of death of relatives and close friends of 33 French artists and 15 American artists were gathered from electronic sources and biographies, and information on over 15,000 paintings was collected from the Blouin Art Sales Index and the online collections of the Metropolitan Museum of Art, the Art Institute of Chicago, the National Gallery of Art, the J. Paul Getty Museum, and the Musee d'Orsay, including more than 12,00...
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作者：Brahm, Francisco; Poblete, Joaquin
作者单位：University of Cambridge; Pontificia Universidad Catolica de Chile
摘要：We develop a model and derive behavioral predictions for a multiproduct sales force subject to goals set based on past performance. We test these predictions using a field experiment in which 53 salespersons from a Chilean beverage company face exogenous variations in monthly sales goals. Confirming our predictions, we found that (1) absent strategic considerations-no goal ratcheting-salespersons increase (decrease) sales in the product category for which the return to effort increases (decrea...
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作者：Csoka, Peter; Herings, P. Jean-Jacques
作者单位：Corvinus University Budapest; HUN-REN; HUN-REN Institute of Experimental Medicine; HUN-REN Centre for Economic & Regional Studies; Hungarian Academy of Sciences; Maastricht University
摘要：We consider a situation in which agents have mutual claims on each other, summarized in a liability matrix. Agents' assets might be insufficient to satisfy their liabilities, leading to defaults. In case of default, bankruptcy rules are used to specify the way agents are going to be rationed. A clearing payment matrix is a payment matrix consistent with the prevailing bankruptcy rules that satisfies limited liability and priority of creditors. Since clearing payment matrices and the correspond...
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作者：Van den Steen, Eric
作者单位：Harvard University
摘要：This paper addresses primarily two questions. First, when (and why) should a company's strategy be developed by its CEO versus by some outside analyst or other insider? Second, how does strategy interact with vision (in the sense of a strong belief about the right course of action)? The paper studies these questions using a functional definition of strategy as the smallest set of choices to optimally guide other choices. Among other things, the paper shows that strategy formulation by the CEO ...
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作者：Bushee, Brian; Srinivasan, Suraj
作者单位：University of Pennsylvania; Harvard University
