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作者：Nanda, Vikram; Silveri, Sabatino (Dino); Wang, Kun; Zhao, Le
作者单位：University of Texas System; University of Texas Dallas; University of Memphis; West Virginia University; Tsinghua University; Nankai University; Nankai University
摘要：We explore the consequences of limiting executive pay on voluntary executive turnover by exploiting a Chinese government policy restricting executive pay at a subset of firms. Affected firms experience an increase in voluntary executive turnover, with executives increasingly moving to firms not bound by the pay policy. Executives that leave are of higher quality as suggested by their stronger stock and accounting performance in the year prior to the turnover. Affected firms suffer firm value l...
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作者：Hugon, Artur; Lin, An-Ping; Markov, Stanimir
作者单位：Arizona State University; Arizona State University-Tempe; Singapore Management University; University of Texas System; University of Texas Dallas
摘要：We study interdepartment knowledge sharing in an investment research setting where the benefits are potentially significant for the brokerage and the capital market, but so are the frictions impeding it. Using hand-collected data on equity analyst access to in-house debt research expertise, we find significant benefits to equity analysts in the form of improved ability to forecast cash flows and to anticipate credit rating downgrades. Moreover, we find evidence that access to management and re...
