-
作者：Baiman, Stanley; Fischer, Paul; Rajan, Madhav V.; Saouma, Richard
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; University of California System; University of California Los Angeles
摘要：There is growing interest in the use of markets within firms. Proponents have noted that markets are a simple and efficient mechanism for allocating resources in economies in which information is dispersed. In contrast to the use of markets in the broader economy, the efficiency of an internal market is determined in large part by the endogenous contractual incentives provided to the participating, privately informed agents. In this paper, we study the optimal design of managerial incentives w...
-
作者：Jagolinzer, Alan D.; Matsunaga, Steven R.; Yeung, P. Eric
作者单位：Stanford University; University of Oregon; University System of Georgia; University of Georgia
摘要：This study examines firm performance surrounding insiders' prepaid variable forward ( PVF) transactions to infer insiders' information when they enter these off- market contracts. PVFs allow insiders to hedge downside risk, share performance gains, and obtain immediate large- sum cash payments for investment or consumption. On average, PVF transactions cover 30% of a sample insider's firm- specific wealth ($ 22 million), which is substantially larger than a typical open- market sale. PVFs syst...
-
作者：Hribar, Paul; Nichols, D. Craig
作者单位：University of Iowa; Cornell University
摘要：This paper examines the implications of using the absolute value of discretionary accruals when testing for earnings management. First, we analytically develop the mean and variance of the distribution of absolute discretionary accruals, and show that the expected value is an increasing function of the variance in the underlying error term from the first- stage discretionary accrual estimation model. Second, we highlight several firm characteristics that are related to the error variance in di...
