3期

最新文章

• Can second-chance provisions increase the effectiveness of penalty contracts? Evidence from a quasi field experiment AI翻译
  作者：Chen, Clara Xiaoling; Wang, Laura W.; Wu, Anne; Wu, Steve Yuching
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Chengchi University; Western University (University of Western Ontario)
  摘要：Penalty contracts are commonly utilized in developing countries. Such contracts may be perceived as unfair, potentially reducing employee motivation and performance. We predict that adding a second-chance provision, an opportunity to reverse a penalty for poor performance if subsequent performance improves, could improve the effectiveness of penalty contracts. In a quasi field experiment at a company with two manufacturing facilities in Taiwan, we treated one facility with a traditional-penalt...
• The effect of securities litigation risk on firm value and disclosure AI翻译
  作者：Donelson, Dain C.; Hutzler, Christian M.; Monsen, Brian R.; Yust, Christopher G.
  作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
  摘要：Critics assert that securities class actions are economically burdensome and yield minimal recoveries, whereas proponents claim they deter wrongdoing. We examine key events in the recent Goldman Sachs Supreme Court case to test the net effect of securities litigation risk on shareholder value. We find that investors view securities class actions as value-increasing. However, the strength of this effect varies based on external monitoring. Investors view securities class actions as more value-e...
• Political incentives and analyst bias: Evidence from China AI翻译
  作者：Pittman, Jeffrey; Yang, Zhifeng; Yu, Sijia; Zhu, Haoran
  作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; State University of New York (SUNY) System; Stony Brook University; Xi'an International Studies University; Southern University of Science & Technology
  摘要：This study extends extant research on the determinants of financial analyst bias by examining the role that political incentives play. Using a series of scheduled provincial political events in China, we document that analysts are significantly more likely to issue favorable recommendations or revise their recommendations upward during political event periods, and the effect of political events on optimism is larger for analysts employed by brokerage firms affiliated with politicians. Cross-se...
• Bank sentiment and liquidity hoarding AI翻译
  作者：Berger, Allen N.; Kim, Hugh Hoikwang; Ma, Xiaonan Flora
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of South Carolina System; University of South Carolina Columbia; Washington State University
  摘要：We analyze how bank sentiment affects bank liquidity hoarding, distinguishing unexplained beliefs of bank managers from fundamental-based beliefs. We build a bank management sentiment measure from textual analysis of 10-Ks and utilize a comprehensive bank liquidity hoarding measure. We find that negative bank sentiment increases liquidity hoarding not warranted by a bank's fundamental conditions or external circumstances. Further analysis confirms that our findings reflect bank volition rather...
• Government subsidies and income smoothing AI翻译
  作者：Pappas, Kostas; Walker, Martin; Xu, Alice Liang; Zeng, Cheng (Colin)
  作者单位：University of Liverpool; University of Manchester; Alliance Manchester Business School; Hong Kong Polytechnic University
  摘要：This study examines the relationship between government subsidies and income smoothing using a sample of US-listed firms. We find that subsidized firms smooth their earnings more aggressively than their unsubsidized peers. This finding is consistent with the reasoning that subsidized firms bear higher political costs and have more incentives to smooth earnings to avoid public attention. In addition, smoothing by subsidized firms is more pronounced when the subsidies are granted through non-tax...
• Performance measure skewness and the structure of CEO compensation: Theory and evidence AI翻译
  作者：Chaigneau, Pierre; Chang, Woo-Jin; Hillegeist, Stephen A.
  作者单位：Queens University - Canada; emlyon business school; Arizona State University; Arizona State University-Tempe
  摘要：While research has analyzed how the structure of incentive pay relates to the dispersion of the performance measure distribution, as measured by its variance or volatility, we examine how it relates to the asymmetry of the distribution, as measured by its skewness. In contrast to the variance, skewness affects the relative informativeness of high and low performance about the agent's effort, which determines the relative efficiency of providing rewards and punishments for incentive purposes. T...
• CEO gender and responses to shareholder activism AI翻译
  作者：Jackson, Scott C.; Rennekamp, Kristina M.; Steenhoven, Blake A.
  作者单位：Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Cornell University; Queens University - Canada
  摘要：Recent literature finds that firms led by female CEOs are more likely to be targeted by activist shareholders and that female CEOs are more likely to cooperate with activist shareholders' requests. Our study complements this literature by using two controlled experiments and a series of semi-structured interviews with CEOs and CFOs to investigate how a CEO's response to shareholder activism influences investors' reactions and whether these reactions differ depending on the gender of the CEO or...
• How do investors value the publication of tax information? Evidence from the European public country-by-country reporting AI翻译
  作者：Mueller, Raphael; Spengel, Christoph; Weck, Stefan
  作者单位：University of Mannheim; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
  摘要：We examine the costs associated with public disclosure, as opposed to confidential reporting, of tax country-by-country reporting (CbCR) information. Our study addresses a critical knowledge gap, considering the growing adoption of public tax transparency measures. We aim to illuminate this matter by examining the expected costs for firms of making previously confidential CbCR information publicly available. The fact that the information was previously confidentially reported to the tax author...
• Institutional dual holdings and expected crash risk: Evidence from mergers between lenders and equity holders AI翻译
  作者：Li, Bing; Liu, Zhenbin; Pittman, Jeffrey; Yang, Shijie
  作者单位：City University of Hong Kong; Hong Kong Baptist University; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Southern University of Science & Technology
  摘要：Exploiting mergers between lenders and shareholders of the same firm as an exogenous shock to shareholder-creditor conflicts, we examine the causal effect of these conflicts on firms' ex ante expected stock price crash risk evident in the options implied volatility smirk. The decrease in conflicts of interest between lenders and shareholders induces dual holders to encourage the disclosure of more information to alleviate costly information asymmetry with other investors and better execute the...
• Does auditor style influence non-GAAP earnings disclosure? AI翻译
  作者：Heflin, Frank; Tan, Jacqueline; Ton, Karen; Wang, Jasmine
  作者单位：University System of Georgia; University of Georgia; Villanova University; University of Virginia
  摘要：Regulators and practitioners have concerns that the lack of standardization in non-GAAP disclosure can make it challenging for users to process non-GAAP earnings and use it in decision-making. We examine whether auditor style extends beyond mandatory disclosures to induce similarity in non-GAAP earnings disclosures. Specifically, we find that clients audited by the same auditor are more likely to disclose non-GAAP earnings in a similar manner. We assess disclosure similarity using (1) the deci...