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作者：Cen, Xiao; Li, Nan; Tang, Chao; Wang, Juanting
作者单位：Texas A&M University System; Texas A&M University College Station; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：This study explores the relationship between executive compensation and the preference dynamics of managers and shareholders. Our analysis centers on the theoretical prediction that changes in firms' asset value can differentially affect the risk-taking preferences of the two groups, potentially influencing the optimal compensation policy. Utilizing local real estate price changes to identify variations in firms' asset value, we find that a decrease in asset value leads to more risk-taking inc...
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作者：Amiraslani, Hami; Deller, Carolyn; Ittner, Christopher D.; Keusch, Thomas
作者单位：INSEAD Business School; University of Pennsylvania; University of Pennsylvania; INSEAD Business School
摘要：We examine the relation between board risk oversight and environmental and social (E&S) performance. Our study is motivated by heightened awareness of E&S risks and growing calls for their inclusion in the purview of board risk oversight. Using a novel proprietary dataset on board risk oversight for an international sample, we find that firms with more extensive board risk oversight are more likely to institute E&S compensation, set environmental (but not social) targets, adopt policies that a...
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作者：Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
作者单位：Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
摘要：We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensi...
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作者：Park, Min; Yoon, Aaron; Zach, Tzachi
作者单位：University of Kansas; Northwestern University; University System of Ohio; Ohio State University
摘要：We assess whether and how financial analysts incorporate information about downside ESG risk. Using a unique dataset on firm-day level negative ESG incidents, we find that analysts' outputs (i.e., stock recommendations, EPS forecasts, and target prices) are associated with negative future ESG risk events, especially those that are financially material. Further investigation suggests that analysts incorporate ESG risk not only through adjusting future cash flow expectations (i.e. the numerator)...
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作者：Wu, Yue Rio; Huang, Sterling; Tsang, Albert; Wang, Kun Tracy
作者单位：Xiamen University; New York University; NYU Shanghai; Southern University of Science & Technology; Australian National University
摘要：We examine how generalist CEOs influence innovation outcomes across 25 countries from 2001 to 2019. We assemble a novel, extended dataset of generalist CEOs and find that generalist CEOs positively affect innovation, particularly in countries with abundant innovation resources. This finding aligns with the notion that generalist CEOs leverage their broad knowledge and cross-industry experience to integrate resources across institutional environments, thereby fostering innovation activities. Ho...
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作者：Bourveau, Thomas; Gao, Xingchao; Li, Rongchen; Zhou, Frank S.
作者单位：Columbia University; University of Toronto; University of Pennsylvania
摘要：We investigate a 2012 comply-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation requires eligible firms to pay 30% of their current-year profits as cash dividends or explain the reasons why they do not meet this requirement through a public conference call. Using firms listed on the Shenzhen Stock Exchange as a control group, our difference-in-differences estimates suggest that firms subject to the regulation decreased tunneling, irrespective of whether they c...
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作者：DePaul, Adrienne; Murphy, Frank; Vernon, Mary E.
作者单位：University of Connecticut; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's name and shame campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed ...
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作者：Tantri, Prasanna; Vishen, Nitin
作者单位：Indian School of Business (ISB); Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We study the impact of transparency about banks' costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks' cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms' total borrowings and investments. We hypothesize that increased cost transpare...
