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• Foreign bank branch participation and US syndicated loan contract design☆ AI翻译
  作者：Yang, Daniel G.
  作者单位：Hong Kong University of Science & Technology
  摘要：I examine whether and how foreign bank branch participation in U.S. loan syndicates influences loan contract design. I predict that foreign bank branches' dollar funding liquidity risk and information frictions increase renegotiation costs and affect loan contract design. I find that loan contracts with greater foreign bank branch participation include fewer flexibility-reducing covenants, such as capital expenditure and balance sheet covenants, that restrict borrowers from making positive net...
• Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes AI翻译
  作者：Garman, Amy D.; Kubick, Thomas R.
  作者单位：Kansas State University; University of Nebraska System; University of Nebraska Lincoln
  摘要：We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enact...
• Equity-based compensation and the timing of share repurchases: the role of the corporate calendar AI翻译
  作者：Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; Zheng, Jiaqi (Jacky)
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; The Chinese University of Hong Kong, Shenzhen; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
  摘要：We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar-the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitorin...
• Mandatory disclosures and opportunism: Evidence from repurchases AI翻译
  作者：Bratten, Brian; Huang, Meng; Jenkins, Nicole Thorne; Xie, Hong
  作者单位：University of Kentucky; University System of Ohio; University of Toledo; University of Virginia
  摘要：We examine the effect of disclosure requirements on managers' stock repurchase decisions. In 2003, the SEC amended Rule 10b-18, significantly increasing the disclosure requirements for and transparency of stock repurchases for all issuers. While stock repurchases are often used by firms to efficiently return capital to shareholders, they can also be used opportunistically to increase earnings per share. We find that the 2003 SEC amendment enables investors to detect and discount opportunistic ...
• Gone but not forgotten: Investor reaction to excluded recurring expenses AI翻译
  作者：Griffin, Laura; Mcinnis, John
  作者单位：University of Colorado System; University of Colorado Boulder; University of Texas System; University of Texas Austin
  摘要：Roughly two decades ago, standard setters mandated recognition of two controversial expenses: stock-based compensation (SBC) and amortization of intangibles from acquisitions (AMT). Today, most firms undo GAAP by excluding these recurring expenses from earnings as part of their nonGAAP reporting. Do investors agree? Using short-window returns around quarterly earnings announcements, we find investors react similarly to unexpected SBC/AMT, regardless of firms' exclusion reporting. Further, amon...
• The asset pricing and real implications of relationship intensity disclosure AI翻译
  作者：Jiang, Xu; Mondria, Jordi; Yang, Liyan
  作者单位：Duke University; University of Toronto; University of Toronto
  摘要：Investors in financial markets are often uncertain about the relationship intensity between firms and have to rely on firms' disclosure of such relationship intensity. We analytically study the asset pricing implications of this relationship intensity uncertainty and how such uncertainty affects firms' incentives to form and disclose their relationship intensities (i.e., the real implications). We find that while such disclosure has a positive price impact by increasing the expected cash flow,...
• Does observability of ratings shopping improve ratings quality? AI翻译
  作者：Kallapur, Sanjay; Khizer, Abdul; Manchiraju, Hariom; Vijayaraghavan, Rajesh
  作者单位：Indian School of Business (ISB); Arizona State University; Arizona State University-Tempe; University of British Columbia
  摘要：Ratings shopping is a well-documented cause for ratings inflation by credit rating agencies (CRAs). Its unobservability makes it difficult for market participants to undo it. In this paper, we exploit a unique regulation in India that requires CRAs to disclose ratings that were solicited but were eventually rejected by issuers. This regulation, which aims to enhance the transparency in the ratings process, allows us to empirically examine whether these disclosures influence ratings shopping an...
• Green innovation and firms' financial and environmental performance: The roles of pollution prevention versus control AI翻译
  作者：Cheng, Qiang; Lin, An-Ping; Yang, Mengjie
  作者单位：Singapore Management University; Monash University
  摘要：This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to...
• Fair value accounting standards and securities litigation AI翻译
  作者：Ashraf, Musaib; Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
  作者单位：Michigan State University; University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：We examine the effect of fair value standards on firms' litigation risk. The discretion required by fair value allows plaintiffs to second guess managers' judgments, potentially increasing litigation risk. Alternatively, the complexity of fair value may decrease litigation risk if it's more difficult to demonstrate scienter. Our evidence suggests firms that rely more on fair value standards are relatively less likely to be sued. We find no evidence of a relation between fair value and the risk...
• Executive compensation: The trend toward one-size-fits-all AI翻译
  作者：Cabezon, Felipe
  作者单位：Virginia Polytechnic Institute & State University
  摘要：I report and analyze a recent one-size-fits-alltrend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components - salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites - disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogeno...