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作者：Campbell, Dennis
作者单位：Harvard University
摘要：In this paper, I examine the sensitivity of promotion and demotion decisions for lower-level managers to financial and nonfinancial measures of their performance and investigate the extent to which the behavior of lower-level managers reflects promotion-based incentives. Additionally, I test for learning versus effort-allocation effects of promotion-based incentives. I find that promotion and demotion decisions for store managers of a major U.S.-based fast-food retailer (QSR) are sensitive to ...
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作者：Piotroski, Joseph D.; Srinivasan, Suraj
作者单位：Stanford University; University of Chicago
摘要：In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of SOX in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995-2006, we develop an exchange choice model that captures firm-level, industry-level, exchange-level, and country-level listing incentives, and test whether these listing preferences changed following the enactment of SOX. Aft...
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作者：Gibbs, Michael
作者单位：University of Chicago
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作者：Sprinkle, Geoffrey B.
作者单位：Indiana University System; Indiana University Bloomington
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作者：Plantin, Guillaume; Sapra, Haresh; Shin, Hyun Song
作者单位：University of London; London Business School; University of Chicago; Princeton University
摘要：Financial institutions have been at the forefront of the debate on the controversial shift in international standards from historical cost accounting to mark-to-market accounting. We show that the trade-offs at stake in this debate are far from one-sided. While the historical cost regime leads to some inefficiencies, marking-to-market may lead to other types of inefficiencies by injecting artificial risk that degrades the information value of prices, and induces suboptimal real decisions. We c...
