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最新文章

• Perverse incentives of special purpose acquisition companies, the poor man's private equity funds AI翻译
  作者：Dimitrova, Lora
  作者单位：University of Exeter
  摘要：Special purpose acquisition companies (SPACs) are an alternative investment, structured as a one-shot private equity (PE) deal. Significant cross-sectional variation exists in SPACs' performance, which can be explained by the strong implicit incentives embedded in contracts. SPAC performance is worse for acquisitions announced near the predetermined two-year deadline, for acquisitions with deferred initial public offering underwriting fees, and for acquisitions with market value close to the r...
• Conditionally conservative fair value measurements AI翻译
  作者：Badia, Marc; Duro, Miguel; Penalva, Fernando; Ryan, Stephen
  作者单位：University of Navarra; IESE Business School; New York University
  摘要：Firms measure fair values using Level 2 or 3 inputs when items do not trade in liquid markets, limiting market discipline over the measurements. We provide evidence that firms holding higher proportions of financial instruments measured at Level 2 and 3 fair values report more conditionally conservative comprehensive income attributable to fair value measurements, consistent with firms trying to mitigate investors' discounting of the measurements. We further predict and find that this conditio...
• When does the bond price reaction to earnings announcements predict future stock returns? AI翻译
  作者：Even-Tov, Omri
  作者单位：University of California System; University of California Berkeley
  摘要：In this paper I show that the bond price reaction to earnings announcements has predictive power for post-announcement stock returns and that this predictive ability is driven by the bonds of non-investment grade firms. I find that bonds' predictive ability is more pronounced in firms that have a lower level of institutional shareholder ownership and whose bonds are more liquid. This paper enhances our understanding of the relation between the stock and bond markets and complements the literat...
• Takeover defenses: Entrenchment and efficiency AI翻译
  作者：Bhojraj, Sanjeev; Sengupta, Partha; Zhang, Suning
  作者单位：Cornell University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Iowa
  摘要：This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using a change in the legal environment in Delaware as an exogenous event, we document that a subset of firms with a relatively longer term focus (innovative firms) benefit from ATPs. Particularly, these firms experience an increase in Tobin's Q following a state law change in Delaware that increases the effectiveness of ATPs in defending against hostile takeovers. This increase is greater th...
• CEO turnover in large banks: Does tail risk matter? AI翻译
  作者：Srivastav, Abhishek; Keasey, Kevin; Mollah, Sabur; Vallascas, Francesco
  作者单位：University of Leeds; University of Hull
  摘要：In a cross-country setting we show the probability of a forced CEO turnover in large banks is positively associated with idiosyncratic tail risk. This finding is strengthened the greater the competition in the banking industry and when stakeholders have more to lose in the case of distress. Overall, the exposure to idiosyncratic tail risk offers valuable signals to bank boards on the quality of the choices made by CEOs. In contrast, systematic tail risk becomes important for forced CEO turnove...
• Does US foreign earnings lockout advantage foreign acquirers? AI翻译
  作者：Bird, Andrew; Edwards, Alexander; Shevlin, Terry
  作者单位：Carnegie Mellon University; University of Toronto; University of California System; University of California Irvine
  摘要：We hypothesize and find evidence consistent with foreign firms being tax-favored acquirers of U.S. targets with greater locked-out earnings because they can avoid the U.S. tax on repatriations. This effect is economically significant; a standard deviation increase in lockout is associated with a 12% relative increase in the likelihood that an acquirer is foreign. We also find evidence that foreign acquirers of the target firms are more likely to be residents of countries that use territorial t...
• Competition for talent under performance manipulation AI翻译
  作者：Marinovic, Ivan; Povel, Paul
  作者单位：Stanford University; University of Houston System; University of Houston
  摘要：We study the effects of introducing competition for CEOs, assuming that the talent of CEOs is not observable and that they can misreport their performance. Without competition for talent, firms maximize their profits by offering inefficiently low-powered incentive contracts. Competition for talent removes those inefficiencies, but it leads to excessively high-powered incentive contracts, causing efficiency losses that can be more severe than the inefficiencies that competition mitigates. If mi...
• Earnings management and annual report readability AI翻译
  作者：Lo, Kin; Ramos, Felipe; Rogo, Rafael
  作者单位：University of British Columbia; FUCAPE Business School
  摘要：We explore how the readability of annual reports varies with earnings management. Using the Fog Index to measure readability (Li, 2008), and focusing on the management discussion and analysis section of the annual report (MUM), we predict and find that firms most likely to have managed earnings to beat the prior year's earnings have MD&As that are more complex. This disruption of the overall pattern of readability increasing with the level of earnings found in Li (2008) challenges the ontologi...
• Does managerial sentiment affect accrual estimates? Evidence from the banking industry AI翻译
  作者：Hribar, Paul; Melessa, Samuel J.; Small, R. Christopher; Wilde, Jaron H.
  作者单位：University of Iowa; University of Toronto
  摘要：We examine whether managerial sentiment is associated with errors in accrual estimates. Using public banks we find (1) managerial sentiment is negatively associated with loan loss provision estimates, (2) future charge-offs per dollar of provision are positively associated with sentiment when the provision is estimated, and (3) the effects of sentiment are greater for firms with more uncertain charge-offs. Results are similar for private banks, suggesting accrual manipulation related to capita...
• Employee quality and financial reporting outcomes AI翻译
  作者：Call, Andrew C.; Campbell, John L.; Dhaliwal, Dan S.; Moon, James R., Jr.
  作者单位：Arizona State University; Arizona State University-Tempe; University System of Georgia; University of Georgia; University of Arizona; University System of Georgia; Georgia State University
  摘要：We examine the association between employee quality and financial reporting outcomes. Using the average workforce education level in MSA(s) where the firm operates as a proxy for employee quality, we find that firms with a high-quality workforce exhibit higher accruals quality, fewer internal control violations, and fewer restatements. These firms also issue superior management forecasts, in terms of frequency, timeliness, accuracy, precision, and bias. Employees located at the firm's headquar...