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作者：Arnold, Markus; Artz, Martin; Grasser, Robert A.
作者单位：University of Bern; University of Munster; University of South Carolina System; University of South Carolina Columbia
摘要：This study investigates when and why intrayear bonus target revisions occur. This is important as intrayear target revisions occur regularly in practice but are not well understood. Specifically, we analyze two potential drivers of intrayear bonus target revisions: reduced managerial incentives owing to managers dropping out of the incentive zone of their piecewise defined bonus function and potential spillovers from planning target revisions that reflect changes in performance expecta-tions d...
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作者：Krishnan, Ranjani; Ramasubramanian, Hari
作者单位：Michigan State University; Frankfurt School Finance & Management
摘要：Clinical labs belong to a mature industry and fulfill a critical function in the health-care value chain. We examine factors that influence the opportunity, motivation, and ability to learn in clinical labs. We hypothesize that with respect to learning about cost: (i) organizational design, such as the extent of outsourcing can impede the opportunity to learn, (ii) quality focus (measured by mortality rates and length of stay (LOS)) can reduce the motivation to learn, and (iii) related task va...
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作者：Orthaus, Selina; Pelger, Christoph; Kuhner, Christoph
作者单位：University of Cologne; University of Passau; Norwegian School of Economics (NHH)
摘要：The recent revisions of conceptual frameworks (CFs) by the IASB and the FASB included changes to the status of prudence/conservatism, accompanied by a broader debate about the meaning and role of asymmetry in financial accounting theory (FinAT). This paper adopts a historical perspective to identify possible sources of the current controversies by examining how the discourse on asymmetry has developed over time. For this purpose, we trace the conceptualization of asymmetry in FinAT building fr...
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作者：Gopalan, Radhakrishnan; Martin, Xiumin; Srinivasan, Kandarp
作者单位：Washington University (WUSTL); Northeastern University
摘要：We document controlling shareholder (insider) opportunism in an insolvency regime that uses an accounting rule to determine bankruptcy eligibility. Our study sheds light on managerial incentives induced by weak investor protection laws. Using unique data on bankrupt firms from an emerging market, consistent with our prediction, we show insiders intentionally manage earnings downward to understate firm net worth so as to be able to file for bankruptcy. Downward pre-bankruptcy earnings managemen...
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作者：Marshall, Nathan T.; Rogers, Jonathan L.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges' discretion, to prevent extraordinary price volatility when new information arrives. We investigate how exchanges use discretion and whether the discretion alters the effectiveness of the halts. We provide evidence consistent with halts reflecting the preferences of listed firms rather than the stated exchange objectives (i.e., minimizing excess vola...
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作者：Amberger, Harald J.
作者单位：Vienna University of Economics & Business
摘要：Dividends are a key mechanism for shareholders to discipline managers and mitigate agency conflicts. This study examines whether the volatility of tax payments is associated with dividend payouts. Consistent with the predictions, results suggest that firms with more volatile tax payments are less likely to pay dividends overall and their dividends are lower in magnitude when doing so. These effects are economically significant and incremental to a firm's operating risk. The link between volati...
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作者：Aghamolla, Cyrus; Hashimoto, Tadashi
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Yeshiva University
摘要：This study investigates the real effects of management communication, specifically of forecasts or earnings guidance, on investment. Managers can signal the strength of their projects through accuracy in their earnings guidance. This leads less accurate managers to distort their investments; the equilibrium investment strategy involves over-investment when earnings exceed the forecast and under-investment when earnings fall short. Moreover, we find that managers are pessimistic in their foreca...
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作者：Chee, Vincent; Savani, Krishna; Tan, Seet-Koh
作者单位：Lancaster University; Hong Kong Polytechnic University; Nanyang Technological University
摘要：Investors frequently rely on individual analysts' stock price targets. Aggressive price targets often reflect analysts' attempts to strategically influence investors. Therefore, investors' welfare may be compromised if they take aggressive price targets at face value. In this study, we examine conditions under which investors are more likely to infer that analysts who issue aggressive price targets are acting strategically. Investors can evaluate multiple analysts' price targets with or withou...
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作者：Arjalies, Diane-Laure; Gibassier, Delphine
作者单位：Western University (University of Western Ontario); Nantes Universite
摘要：The current biodiversity loss is dramatic. Over the past 50 years, more than 68% of the mammals, birds, amphibians, reptiles, and fish on Earth have disappeared, putting the planet's survival and its inhabitants-including human beings-at risk. Financialization, or the transformation of nature into financial assets, is increasingly proposed as a solution to the biodiversity crisis. Proponents of financialization believe that assigning a monetary value to nature will incentivize human beings to ...
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作者：Murphy, Frank
作者单位：University of Connecticut
摘要：I analyze US multinationals' (MNCs) use of foreign holding companies in their organizational structures and the impact of holding companies on internal capital markets. The look-thru rule in the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) reduces the after-tax cost of foreign intercompany financing transactions. I use TIPRA as a natural experimental setting to test whether a shift in US tax policy that reduces the cost of moving foreign capital increased firms' reliance on f...
