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作者：Kim, Sunyoung; Shin, Jae Yong
作者单位：Monash University; Seoul National University (SNU)
摘要：This study investigates whether firms revise executive bonus compensation targets based on past performance. Studies in this area suffer from a lack of detailed information related to executive performance targets. Using mandatory disclosures of executive compensation information under the U.S. Securities and Exchange Commission's new disclosure rules, this study provides the first large-sample evidence of bonus target ratcheting. There are three major findings: (i) executive bonus targets rat...
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作者：Kang, Tony; Khurana, Inder K.; Wang, Changjiang
作者单位：McMaster University; University of Nebraska System; University of Nebraska Lincoln; University of Missouri System; University of Missouri Columbia; University System of Ohio; University of Cincinnati
摘要：Using 1990 through 2013 data of U.S. firms with foreign operations, we show that (i) the serial correlation of analyst forecast errors increases in the extent of international diversification, (ii) post-earnings-announcement drift (PEAD) based on analyst forecast errors increases in the extent of international diversification, and (iii) the impact of international diversification on the serial correlation of analyst forecast errors and its associated drift is significantly reduced after the im...
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作者：Das, Somnath; Kim, Kyonghee; Patro, Sukesh
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Michigan State University; Northern Illinois University
摘要：We study circumstances when analysts' forecasts diverge from managers' forecasts after management guidance, and the consequences of this divergence for investors and analysts. Our results show that investors' return response to earnings surprises based on analyst forecasts is significantly weaker when analyst and management forecasts diverge, and that this attenuating effect is stronger when the management forecast is more credible. When the divergent management forecast is more accurate than ...
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作者：Cornaggia, Kimberly J.; Krishnan, Gopal V.; Wang, Changjiang
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Bentley University; University System of Ohio; University of Cincinnati
摘要：We test whether credit rating analysts consider managerial ability as a credit risk factor and find that higher-ability managers obtain more favorable credit ratings. Controlling for past performance, these results suggest that managerial ability is itself a significant credit rating factor. Cross-sectional analyses indicate that managerial ability is beneficial specifically in firms facing financial or competitive pressure. We find that high-ability managers mitigate the adverse impact on rat...
