作者：Kuang, Yu Flora; Qin, Bo
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam
摘要：This study examines the sophistication of rating agencies in incorporating managerial risk-taking incentives into their credit risk evaluation. We measure risk-taking incentives using two proxies: the sensitivity of managerial wealth to stock return volatility (vega) and the sensitivity of managerial wealth to stock price (delta). We find that rating agencies impound managerial risk-taking incentives in their credit risk assessments. Assuming other things equal, a one standard deviation increa...
作者：Baxter, Ryan; Bedard, Jean C.; Hoitash, Rani; Yezegel, Ari
作者单位：Bentley University; University of New South Wales Sydney
摘要：This paper investigates factors associated with high-quality Enterprise Risk Management (ERM) programs in financial services firms, and whether ERM quality enhances performance and signals credibility to the financial markets. ERM, developed with the assistance of the accounting profession, provides a framework and plan to integrate management of all sources of risk. Challenged by measurement difficulties common to research on management control systems, prior ERM studies present mixed finding...
