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作者：Bouwens, Jan; Kroos, Peter
作者单位：University of Amsterdam
摘要：We examine whether financial targets are based on both forward-looking and financial information, rather than on financial information only. We collect sales and performance appraisal data of store managers in a retail chain. The firm issues directives focused on the provision of excellent customer service and assesses store managers' compliance with these directives subjectively. We demonstrate that, controlling for current sales, compliance with directives scores predicts future sales perfor...
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作者：Heron, Randall A.; Lie, Erik
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Indianapolis; University of Iowa
摘要：We report that the probability that executives exercise options early decreases with the volatility of the underlying stock return. We interpret this to mean that executives' subjective option value increases with volatility and that option grants increase executives' risk appetite. Further decomposition reveals that the results are most pronounced for idiosyncratic volatility, consistent with our conjecture that executives believe they can better predict or influence the resolution of idiosyn...
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作者：Anthonisz, Sean A.; Putnins, Alis J.
作者单位：University of Sydney; University of Technology Sydney
摘要：We develop a parsimonious liquidity-adjusted downside capital asset pricing model to investigate whether phenomena such as downward liquidity spirals and flights to liquidity impact expected asset returns. We find strong empirical support for the model. Downside liquidity risk (sensitivity of stock liquidity to negative market returns) has an economically meaningful return premium that is 10 times larger than its symmetric analogue. The expected liquidity level and downside market risk are als...
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作者：Folsom, David; Hribar, Paul; Mergenthaler, Richard D.; Peterson, Kyle
作者单位：University of Texas System; University of Texas El Paso; University of Iowa; University of Oregon
摘要：This study examines the relation between principles-based standards and earnings attributes. We create a firm-year-specific variable that measures the extent to which firms' financial reporting is affected by principles-based standards. We find that firms' earnings are more informative and persistent and have a larger positive association with future cash flows, on average, when firms' standards are more principles based. We also find evidence that managers use the added discretion provided by...
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作者：Frydman, Cary; Nave, Gideon
作者单位：University of Southern California; University of Pennsylvania
摘要：Acritical component of both economic and perceptual decision making under uncertainty is the belief-formation process. However, most research has studied belief formation in economic and perceptual decision making in isolation. One reason for this separate treatment may be the assumption that there are distinct psychological mechanisms that underlie belief formation in economic and perceptual decisions. An alternative theory is that there exists a common mechanism that governs belief formation...
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作者：Brunnermeier, Markus K.; Papakonstantinou, Filippos; Parker, Jonathan A.
作者单位：Princeton University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Imperial College London; Massachusetts Institute of Technology (MIT)
摘要：We develop a structural theory of beliefs and behavior that relaxes the assumption of time consistency in beliefs. Our theory is based on the trade-off between optimism, which raises anticipatory utility, and objectivity, which promotes efficient actions. We present it in the context of allocating work on a project over time, develop testable implications to contrast it with models assuming time-inconsistent preferences, and compare its predictions to existing evidence on behavior and beliefs....
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作者：Frankel, Richard; Levy, Hagit; Shalev, Ron
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：Working capital is an important indicator of firm operational efficiency. All else being equal, lower levels signal greater efficiency. Managers are thus likely to be motivated to report lower levels of working capital at times of greater external attention. We find that working capital levels decrease in the fourth fiscal quarter significantly more than expected, conditional on seasonal changes in economic activity. The decrease subsequently reverses in the following first fiscal quarter. Evi...
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作者：Corbett, Charles; Gaur, Vishal; Simchi-Levi, David; Taylor, Terry
作者单位：University of California System; University of California Los Angeles; Cornell University; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
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作者：Loderer, Claudio; Stulz, Rene; Waelchli, Urs
作者单位：Swiss Finance Institute (SFI); University of Bern; European Corporate Governance Institute; University of Rochester; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：As public firms exploit their growth opportunities following their initial public offering, their assets in place increase, and they organize themselves optimally to operate these assets efficiently, which requires a more formal and less flexible organization than to generate new growth opportunities. Our theory predicts that, as a result of these inflexibilities, firms fail to fully replace their growth opportunities, so that their Tobin's q falls with age and they invest less as they grow ol...
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作者：Marinovica, Ivan
作者单位：Stanford University
摘要：This paper studies the efficiency and distributive effects of three prominent accounting methods in auction settings when bidders' incentives are linked to accounting income. The purchase price method (PP) requires the acquirer to book the acquisition at historical cost, thereby underestimating the asset value by the amount of the acquirer's surplus in the transaction. The exit value method (EV) is downward biased and forces the acquirer to book an accounting loss on the date of acquisition. E...
