-
作者：Bischof, Jannis
作者单位：University of Mannheim
-
作者：Gigler, Frank; Kanodia, Chandra; Sapra, Haresh; Venugopalan, Raghu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We develop a cost-benefit tradeoff that provides new insights into the frequency with which firms should be required to report the results of their operations to the capital market. The benefit to increasing the frequency of financial reporting is that it causes market prices to better deter investments in negative net present value projects. The cost of increased frequency is that it increases the probability of inducing managerial short-termism. We analyze the tradeoff between these costs an...
-
作者：Minutti-Meza, Miguel
作者单位：University of Miami
-
作者：Guedhami, Omrane; Pittman, Jeffrey A.; Saffar, Walid
作者单位：University of South Carolina System; University of South Carolina Columbia; Sungkyunkwan University (SKKU); Hong Kong Polytechnic University
-
作者：Aier, Jagadison K.; Chen, Long; Pevzner, Mikhail
作者单位：George Mason University; University System of Maryland; University of Baltimore
摘要：Debtholders' demand has been widely discussed as a key determinant of conservatism but clear causal evidence is not yet established. Using a natural experiment setting, wherein a Delaware court ruled that the fiduciary duties of directors in near insolvent Delaware companies extend to creditors, we predict and find that firms subject to the ruling significantly increased their accounting conservatism. In addition, our results suggest that the increase in conservatism is more pronounced in near...
-
作者：Flor, Christian Riis; Frimor, Hans; Munk, Claus
作者单位：University of Southern Denmark; Aarhus University; Copenhagen Business School
摘要：We derive the optimal compensation contract in a principal-agent setting in which outcome is used to provide incentives for both effort and risky investments. To motivate investment, optimal compensation entails rewards for high as well as low outcomes, and it is increasing at the mean outcome to motivate effort. If rewarding low outcomes is infeasible, compensation consisting of stocks and options is a near-efficient means of overcoming the manager's induced aversion to undertaking risky inve...
