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作者：Kim, Jeong-Bon; Wang, Zheng; Zhang, Liandong
作者单位：University of Waterloo; City University of Hong Kong
摘要：This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using ...
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作者：Chen, Qiu
作者单位：University of Ottawa
摘要：This study examines whether three factors-the transparency of expense disclosures, donor evaluation focus, and organization performance-influence how directors monitor management expense misreporting in nonprofit organizations. An experiment with 189 nonprofit directors finds that the enhanced transparency of expense disclosures increases director monitoring by reducing the tendency to accept management expense misreporting. Further, an organization's nonfinancial performance and the perceived...
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作者：Kachelmeier, Steven J.; Thornock, Todd A.; Williamson, Michael G.
作者单位：University of Texas System; University of Texas Austin; Iowa State University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We find that the effectiveness of piece-rate compensation relative to fixed pay in a laboratory letter-search task hinges on the presence or absence of a nonbinding statement to participants that the experimenter values correct responses. In the absence of the value statement, participants with piece-rate rewards for correct responses generate more correct and incorrect responses than do their counterparts with fixed pay, correcting errors as they go along to maximize compensation. Essentially...
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作者：Becker, Sebastian D.; Mahlendorf, Matthias D.; Schaffer, Utz; Thaten, Mario
作者单位：Hautes Etudes Commerciales (HEC) Paris; Frankfurt School Finance & Management
摘要：This article examines how corporate reliance on budgets is affected by major changes in the economic environment. We combine survey and archival data from the economic crisis that began in 2008. The results indicate that budgeting became more important for planning and resource allocation but less important for performance evaluation in companies affected more strongly by the 2008 economic crisis. Additional evidence from interviews and data gathered in a focus group further illustrate these r...
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作者：Demirkan, Sebahattin; Zhou, Nan
作者单位：University System of Maryland; University of Maryland College Park; Morgan State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：We study the pricing of audit services for strategic alliances, a governance structure involving an incomplete contract between separate firms. Since incomplete contracts do not specify all future contingencies, we expect that the nonverifiability of information and potential agency behavior in alliances increase audit complexity, resulting in higher audit fees. Our findings support this prediction. We then separate strategic alliances into joint ventures and contractual alliances, as the latt...
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作者：Cao, Sean Shun
作者单位：University System of Georgia; Georgia State University
摘要：Asset growth has been shown to be negatively associated with future returns. Cooper, Gulen, and Schill (2008) argue that an aggregation of all asset growth components as total asset (TA) growth leads to the strongest association with future negative returns. Based on their study, the literature now employs TA growth as an umbrella proxy for the growth effect. I hypothesize that not all types of growth imply negative future returns. Specifically, I show that growth financed by suppliers is posi...
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作者：Hannan, R. Lynn
作者单位：Tulane University
摘要：Kachelmeier, Thornock, and Williamson (2016) investigate experimentally whether an employer's value statement can affect the way employees cognitively represent how they should approach a multi-attribute task, and therefore performance. Counter-intuitively, but consistent with their theory, they find that the value statement negatively affects performance for piece-rate incentivized participants. In my discussion, I elaborate on my comments from the 2013 CAR Conference. Specifically, I discuss...
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作者：Kovacs, Tunde
作者单位：University of Massachusetts System; University of Massachusetts Lowell
摘要：This study examines the role of intra-industry information transfers in the analyst forecast-based post-earnings announcement drift. I find that subsequent same-industry-peer earnings announcements influence a firm's post-earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex ante positive (common effect) intra-industry information transfers. The results suggest that underreaction to industry-specific infor...
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作者：Evans, John H., III; Moser, Donald V.; Newman, Andrew H.; Stikeleather, Bryan R.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of South Carolina System; University of South Carolina Columbia
摘要：Firms have increasingly adopted open work environments. Although openness is thought to have benefits, it could also expose firms to an unanticipated cost. An open (closed) internal reporting environment makes it more (less) likely that managers will observe a colleague's communications with senior executives. This increase in what one manager knows about another manager's communication to senior executives could facilitate employee collusion to extract resources from the firm. To test whether...
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作者：Chow, Travis; Klassen, Kenneth J.; Liu, Yanju
作者单位：Singapore Management University; University of Waterloo
摘要：This paper examines the effect of targets' participation in tax shelters on takeover premiums in mergers and acquisitions. Using a novel data set in which targets disclose that they have not participated in tax shelters, we find that targets that make this statement in their merger filings are associated with 4.6 percent higher takeover premiums, on average. These findings suggest that acquirers are concerned about the potential future liabilities when targets have engaged in tax sheltering. C...
