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作者：Li, Zhi; Ryan, Harley E., Jr.; Wang, Lingling
作者单位：Chapman University System; Chapman University; University System of Georgia; Georgia State University; University of Connecticut
摘要：We use a hand-collected sample of 1,628 S&P 1500 firms and more than 12,000 executives to examine how family firms compensate nonfamily executives. Family firms comprise a large percentage of firms around the world, and most of their executives are not members of the founding family. Moreover, the founding family's engagement in the firm alters agency conflicts, which in turn should influence the design of incentive compensation. However, there is no empirical evidence on whether and how the i...
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作者：Grasser, Robert A.; Majerczyk, Michael; Staehle, Martin; Yang, Di
作者单位：University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia State University; University of New South Wales Sydney
摘要：This study examines the benefits of employee involvement in feedback system design for cooperation. Understanding how to enhance cooperation is important given the increasing use of team settings in practice. Control systems often provide feedback on cooperative actions of coworkers, which can help enable cooperation in teams and between organizational units. We predict that involvement in the design of feedback systems can be a source of trust between employees and enhances cooperation. This ...
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作者：Wang, Yan
作者单位：McMaster University
摘要：Using the relationship between institutional trades and sequential public information, this study provides a systematic way to identify institutional trades that are informative about future equity returns. By studying the US financial institutions from 1994 to 2016, I show that institutional trades initiated by managers responding proactively to upcoming informational signals strongly predict future stock returns. The predictability of informed institutions is more evident for stocks with hig...
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作者：Liao, Pei-Cheng; Ma, Guang; Radhakrishnan, Suresh
作者单位：National Taiwan University; McGill University; University of Texas System; University of Texas Dallas
摘要：We consider an investor's choice of conservative reporting, bonus payments, and investment decisions in the presence of the hidden-information agency problem of a manager's productivity and the hidden-action agency problem of a manager's diversion of resources. It is important to consider the hidden-action and hidden-information agency problems in isolation and their interaction to gain insights into the drivers of demand for conservatism. We show that the conservative (nonconservative) regime...
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作者：Daines, Robert; Li, Shelley Xin; Wang, Charles C. Y.
作者单位：Stanford University; University of Southern California; Harvard University
摘要：Staggered boards (SBs) are one of the most potent common entrenchment devices, and their value effects are considerably debated. We study SBs' effects on firm value, managerial behavior, and investor composition using a quasi-experimental setting: a 1990 law that imposed SBs on all Massachusetts-incorporated firms. We find that relative to a matched control group of companies, for treated companies the law led to an increase in Tobin's Q, investment in capital expenditures and R&D, patents, an...
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作者：Mayberry, Michael; Park, Hyun Jong; Xu, Tian
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We reexamine the positive association between stock option vega and earnings management previously documented by Armstrong, Larcker, Ormazabal, and Taylor (2013; henceforth, ALOT). In contrast to ALOT, prior empirical research and practitioner literature emphasizes earnings management's goals of increasing stock price and reducing volatility. Specifically, we assess whether the association is robust to (i) employing discretionary accruals that are less prone to misspecification, (ii) focusing ...
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作者：Campbell, John L.; Goldman, Nathan C.; Li, Bin
作者单位：University System of Georgia; University of Georgia; North Carolina State University; University of Houston System; University of Houston
摘要：Over the past three decades, academic research has sought to understand how cash shortfalls impact a firm's ability to take all available value-increasing investment projects. We investigate whether firms facing greater financing constraints turn to tax strategies that generate lower cash effective tax rates (ETRs) to mitigate the adverse effect of these financing constraints. We use the Pension Protection Act of 2006 (PPA 2006) as an exogenous shock to financing constraints for pension firms,...
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作者：Frank, Michele; Maksymov, Eldar; Peecher, Mark; Reffett, Andrew
作者单位：University System of Ohio; Miami University; Arizona State University; Arizona State University-Tempe; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Regulators and researchers tend to focus primarily on the risk-shifting benefits of audit liability insurance. We obtain field data from the US audit insurance industry (16 interviews and 83 survey responses) to examine whether insurers also possess characteristics favorable to transferring their private risk management knowledge to the audit firms they insure. Possessing such characteristics would enable insurers to use their relative knowledge advantage to provide a benefit to audit firms be...
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作者：Rennekamp, Kristina M.; Witz, Patrick D.
作者单位：Cornell University; University of Wyoming
摘要：As firms increasingly use social media to provide disclosures to investors, it is important to understand whether the characteristics that are associated with these disclosures lead to different reactions from investors than disclosures provided via more traditional channels. In this paper, we use an experiment to examine whether linguistic formality in positive news disclosures, and engagement of social media users surrounding the disclosures (e.g., likes and retweets), affect investors' judg...
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作者：Wei, Chunyan
作者单位：Shanghai University of Finance & Economics
摘要：Prior research has examined target setting in market-driven companies but has not examined target setting in state-run companies that also have social and political objectives. I examine how Chinese state-owned enterprises (SOEs) set and revise performance targets to motivate a balanced effort allocation. Using data on financial performance (sales) targets set by SOEs and non-SOEs during the period 2006-2016, I predict and find that the financial targets of SOEs are easier to achieve than thos...
