-
作者：Holthausen, RW
作者单位：University of Pennsylvania
摘要：Ball, Robin and Wu (Journal of Accounting and Economics, 2003, this issue) investigate the relationship between accounting standards and the structure of other institutions on the attributes of the financial reporting system. They find evidence consistent with the hypothesis that beyond accounting standards, the structure of other institutions, such as incentives of preparers and auditors, enforcement mechanisms and ownership structure affects the outcome of the financial reporting system. How...
-
作者：Hirshleifer, D; Teoh, SH
作者单位：University System of Ohio; Ohio State University
摘要：This paper models firms' choices between alternative means of presenting information, and the effects of different presentations on market prices when investors have limited attention and processing power. In a market equilibrium with partially attentive investors, we examine the effects of alternative: levels of discretion in pro forma earnings disclosure, methods of accounting for employee option compensation, and degrees of aggregation in reporting. We derive empirical implications relating...
-
作者：Hanlon, M; Rajgopal, S; Shevlin, T
作者单位：University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
摘要：We estimate the relation between stock option (ESO) grants to the top five executives and future earnings to examine whether incentive alignment or rent extraction by top managers explains option granting behavior. The future operating income associated with a dollar of Black-Scholes value of an ESO grant is $3.71. To understand the source of these positive payoffs, we parse out ESO grant values into components predicted by economic determinants of option grants, governance quality, and a resi...
-
作者：Lo, K
作者单位：University of British Columbia
摘要：The 1992 revision of executive compensation disclosure rules in the U.S. could have benefited shareholders by inducing corporate governance improvements or harmed them by increasing disclosure costs. Consistent with the governance improvement hypothesis, companies that lobbied against the regulation had, relative to control firms: (i) return-on-assets and return-on-equity that improved by 0.5% and 3%, respectively; and (ii) excess stock returns of 6% over the 8-month period between the announc...
-
作者：Core, JE; Guay, WR; Van Buskirk, A
作者单位：University of Pennsylvania
摘要：We find mixed support for the hypothesis that a New Economy subperiod occurred in the late 1990s in which the relation between equity value-and traditional financial variables differs from previous periods. We examine a regression model of equity value on financial variables over 25 years for a broad firm sample and for firm subsamples thought to be emblematic of the New Economy. We find the regression model's explanatory power declined in the New Economy subperiod for all firm subsamples. How...
-
作者：Bushee, BJ; Matsumoto, DA; Miller, GS
作者单位：University of Pennsylvania; University of Washington; University of Washington Seattle; Harvard University
摘要：Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., open conference calls). Our evidence suggests that the decision to provide open calls is associated with the composition of a firm's investor base and, to some degree, the complexity of its financial information. We also find that open calls are associated with a greater inc...
-
作者：Ittner, CD; Lambert, RA; Larcker, DF
作者单位：University of Pennsylvania
摘要：The paper examines the determinants and performance consequences of equity grants to senior-level executives, lower-level managers, and non-exempt employees of new economy firms. We find that the determinants of equity grants are significantly different in new versus old economy firms. We also find that employee retention objectives, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not subsequent grants. O...
-
作者：Keating, EK; Lys, TZ; Magee, RP
作者单位：Northwestern University
摘要：During Spring 2000, the Internet Stock Index declined 45%. Using a sample of internet firms, this paper investigates whether this decline was associated with new disclosures, such as earnings, analyst forecast revisions, and web-traffic measures, or to a reassessment by investors of pre-existing information. We find only modest evidence that the decline was associated with new disclosures. However, returns and post decline stock prices are significantly explained by 1999 annual report data. Wh...
-
作者：Murphy, KJ
作者单位：University of Southern California
摘要：Ittner, Lambert, and Larcker (J. Accounting Economics (2003) this issue) present compelling evidence that new economy firms rely more on stock-based compensation than do old economy firms, based on 1998 and 1999 data from a proprietary sample of companies. I complement the ILL results by analyzing data over a longer time period (1992-2001) and, more importantly, document the effect of the 2000 market crash on stock-based pay in new economy firms. Finally, I offer evidence supporting the conjec...
-
作者：Ball, R; Robin, A; Wu, JS
作者单位：University of Rochester; University of Chicago; Rochester Institute of Technology
摘要：The East Asian countries Hong Kong, Malaysia, Singapore and Thailand provide rare insight into the interaction between accounting standards and the incentives of managers and auditors. Their standards derive from common law sources (UK, US, and IAS) that are widely viewed as higher quality than code law standards. However, their preparers' incentives imply low quality. We show their financial reporting quality is not higher than under code law, with quality operationalized as timely recognitio...
