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作者：Christensen, Peter O.; Frimor, Hans; Sabac, Florin
作者单位：Copenhagen Business School; University of Southern Denmark; University of Alberta
摘要：Both soft, noncontractible, and hard, contractible, information are informative about managerial ability and future firm performance. If a manager's future compensation depends on expectations of ability or future performance, then the manager has implicit incentives to affect the information. We examine the real incentive effects of soft information in a dynamic agency with limited commitment. When long-term contracts are renegotiated, the rewards for future performance inherent in long-term ...
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作者：Do, Truc (Peter) Thuc; Zhang, Huai
作者单位：University of Queensland; Nanyang Technological University
摘要：We hypothesize that the arrival of star analysts improves the performance of incumbent financial analysts, while the departure of star analysts has the opposite effect. Our results consistent with this hypothesis are concentrated primarily in the tests related to star arrivals. Our findings are robust to an instrumental variable approach and a falsification test. In addition, we hypothesize that the impact of the arrival/departure of star analysts is more pronounced when the star analyst cover...
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作者：Lai, Cheng
作者单位：Zhejiang University
摘要：Valuation ratios divide stock price by accounting metrics such as earnings, earnings growth, and book value. This study adapts the general valuation framework in Ohlson and Juettner-Nauroth (2005) and Ohlson (2005) to present a unified approach for developing valuation ratios based on fundamentals, referred to as fundamental valuation ratios. One starts with a valuation model that is driven by an accounting metricaand its abnormal growth, then divides the valuation model byato get a fundamenta...
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作者：Hewitt, Max; Hodge, Frank D.; Pratt, Jamie H.
作者单位：University of Arizona; University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington
摘要：We examine how shareholders' trust in managers is affected by (i) the outcome of earnings management (inconsistent vs. consistent with shareholders' interests) and (ii) the method of earnings management (accruals vs. real methods). Using a controlled experiment, we predict and find that trust is impaired when the outcome of earnings management suggests that managers have put their interests above shareholders' interests and/or when the method of earnings management suggests that managers misre...
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作者：Jensen, Tyler K.; Plumlee, Marlene A.
作者单位：Iowa State University; Utah System of Higher Education; University of Utah
摘要：Management earnings forecasts expressed as a range have become the most common form of quantitative management guidance. Traditionally, the proxy for the sign and the magnitude of the information conveyed by these forecasts the forecast news is calculated as the difference between a pre-forecast earnings expectation and the midpoint of the forecasted range. We provide strong evidence that this traditional measure understates the amount of information conveyed by range forecasts. More important...
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作者：Bauer, Andrew M.; Fang, Junxiong; Pittman, Jeffrey; Zhang, Yinqi; Zhao, Yuping
作者单位：University of Waterloo; Fudan University; Memorial University Newfoundland; American University; University of Houston System; University of Houston
摘要：In measuring tunneling with intercorporate loans disclosed by Chinese listed companies, we analyze the underlying channels through which aggressive tax planning facilitates the diversion of corporate resources by firm insiders. Using path analysis, we document that the path from tax aggressiveness to related loans is mediated by both the additional cash flows from tax savings and the increased financial opacity from tax planning, and that additional cash flows plays a much more important role ...
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作者：Chen, Xia; Cheng, Qiang; Luo, Ting; Yue, Heng
作者单位：Singapore Management University; Tsinghua University
摘要：We examine how short sellers affect long-run management forecasts using a natural experiment (Regulation SHO) that relaxes short-selling constraints on a group of randomly selected firms (referred to as pilot firms). We find that compared to other firms, the pilot firms issue more long-run good news forecasts but do not change the frequency of long-run bad news forecasts. The increase in good news forecasts is greater when the pilot firms have higher-quality forecasts, greater uncertainty abou...
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作者：Johnson, Joseph A.; Theis, Jochen; Vitalis, Adam; Young, Donald
作者单位：State University System of Florida; University of Central Florida; University of Duisburg Essen; University of Waterloo; Indiana University System; Indiana University Bloomington
摘要：Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions ...
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作者：Lee, Woo-Jong; Pittman, Jeffrey; Saffar, Walid
作者单位：Seoul National University (SNU); Memorial University Newfoundland; Hong Kong Polytechnic University
摘要：By analyzing a large panel of elections in 55 countries, we show that political uncertainty surrounding elections can affect asymmetric cost responses to activity changes (i.e., cost stickiness). In comparison to non-election years, we find that the asymmetry in cost behaviors is stronger during election years in regressions that control for other firm-level and country-level determinants. In another series of tests, we report strong, robust evidence supporting the predictions that the importa...
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作者：Larocque, Stephannie A.; Martin, Melissa A.; Walther, Beverly R.
作者单位：University of Notre Dame; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Northwestern University
摘要：We investigate the extent to which market participants use compensation payouts released in the DEF 14A proxy statement (DEF14A) to assess future firm performance by examining sell-side analysts' earnings forecasts. Consistent with prior work, we confirm that CEO compensation unexplained by current observable economic factors is positively associated with future firm performance. We find that both the likelihood that analysts revise their forecasts following release of the DEF14A and the magni...
