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作者：Colonnello, Stefano; Koetter, Michael; Wagner, Konstantin
作者单位：Universita Ca Foscari Venezia; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University
摘要：The regulation that caps executives' variable compensation, as part of the Capital Re-quirements Directive IV of 2013, likely affected executive turnover, compensation design, and risk-taking in EU banking. The current study identifies significantly higher average turnover rates but also finds that they are driven by CEOs at poorly performing banks. Banks indemnified their executives by off-setting the bonus cap with higher fixed compensation. Although our evidence is only suggestive, we do no...
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作者：Christensen, Theodore E.; D'Adduzio, Jenna; Nelson, Karen K.
作者单位：University System of Georgia; University of Georgia; University of British Columbia; Texas Christian University
摘要：We provide evidence that accruals quality in the U.S. has generally improved since 2000, following a decade of decline during the 1990s. Our results indicate that both the initial decline in accruals quality and the subsequent reversal can be explained by an inverse relation with operating cash flow volatility. Moreover, even though patterns of cash flow volatility and accruals quality vary in different regions of the world and relative to the U.S., we find evidence of an inverse relation betw...
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作者：Labro, Eva; Lang, Mark; Omartian, James D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Michigan System; University of Michigan
摘要：We examine the relation between plant-level predictive analytics use and centralization of authority for more than 25,000 manufacturing plants using proprietary US Census data. We focus on headquarters' authority over plants through delegation of decision-making and design of performance-based incentives. We find that increased predictive analytics use is associated with reduced delegation of decision-rights to local managers, increased centralization of control over data gathering and reduced...
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作者：Chay, J. B.; Chong, Byung-Uk; Im, Hyun Joong
作者单位：Sungkyunkwan University (SKKU); University of Seoul
摘要：We examine the effect of a large dividend tax cut on corporate investment efficiency by exploiting the 2003 personal taxation reform in the U.S. as a quasi-natural experiment. Using a difference-in-differences approach based on the probability that a firm's marginal investor was an individual investor, we show that the 2003 dividend tax cut significantly improved the investment efficiency of U.S. listed firms. However, we find no evidence that the dividend tax cut increased the level of invest...
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作者：Choi, Bong-Geun; Choi, Jung Ho; Malik, Sara
作者单位：Stanford University; Utah System of Higher Education; University of Utah
摘要：We study the information content of earnings announcements and its relevance for job search using detailed search data from half a million anonymous job seekers. We find evidence consistent with job seekers initiating job-search activity in response to a pro-spective employer's earnings announcements. Job seekers search more intensely for em-ployers with media coverage and earnings growth, consistent with the attention and information roles of earnings announcements. We find corroborating evid...
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作者：Kim, Jinhwan; Valentine, Kristen
作者单位：Stanford University; University System of Georgia; University of Georgia
摘要：We examine the spillover effect of public firm disclosures on the patent trading market. The patent market is rife with information frictions, yet can potentially facilitate the reallocation of innovation to the most productive users. We find that going from the 25th percentile to the 75th percentile in public firm presence - our proxy for public firm disclosures - is linked to a 9.4% increase in other related parties' future patent sales. The positive link between public firm presence is stro...
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作者：Pan, Yue; Shroff, Nemit; Zhang, Pengdong
作者单位：Xiamen University; Massachusetts Institute of Technology (MIT); Sun Yat Sen University
摘要：This paper examines the relation between audit market competition and audit quality. We use the staggered introduction of bullet trains in different Chinese cities as shocks to travel time between audit clients and prospective audit firms, which increases the threat of competition for incumbent audit firms. The inception of bullet train connectivity leads to a 4.5 percentage point (pp) increase in the probability of GAAP violations and a 1.7 pp decrease in the probability of modified audit opi...
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作者：Fee, Edward; Li, Zhi; Peng, Qiyuan
作者单位：Tulane University; Chapman University System; Chapman University; University System of Ohio; University of Dayton
摘要：We find that a new compensation disclosure item on expected payouts from performancebased stock grants reveals unique information regarding future firm performance. Extracting inferred performance expectations from the disclosures, we find that firms disclosing the highest expected grant payout significantly outperform in ROA, Q, sales growth, and profit margin over the next two years, while those disclosing the lowest expected payout underperform. The embedded information is not captured by o...
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作者：Stewart, Christopher R.
作者单位：University of Chicago
摘要：Target shareholders have the right to ask for a higher merger price if good news emerges after a merger agreement. This appraisal right varies with state law and was substantially strengthened in Delaware in 2007. I examine how target managers respond to changes in this right. If target managers represent target shareholders, the managers would be more likely to release good news, but I find they are more likely to withhold good news when appraisal rights are higher. This suggests agency probl...
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作者：deHaan, Ed; Li, Jiacui; Watts, Edward M.
作者单位：Stanford University; Utah System of Higher Education; University of Utah; Yale University
摘要：Using comprehensive data on U.S. corporate bond trades since 2002, we find evidence that retail bond investors overrely on untimely credit ratings to their financial detriment. Specifically, they appear to select bonds by first screening on a credit rating and then sorting by yield, buying the highest-yielding bonds within each rating level. Because yields lead credit rating changes, selecting on yield-within-rating means that retail investors systematically trade in the opposite direction of ...
