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作者：Miller, GS
作者单位：Harvard University
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作者：Haw, IM; Hu, BB; Hwang, LS; Wu, W
作者单位：Texas Christian University; Chinese University of Hong Kong; Seoul National University (SNU)
摘要：This study provides evidence of the role of both legal and extra-legal institutions in limiting the income management induced by the detachment of control rights from the cash flow rights of ultimate owners. The tests use a unique, comprehensive data set for firm-level control and ownership structures from 9 East Asian and 13 Western European countries. Univariate regressions show that income management that is induced by the wedge between control rights and cash flow rights is significantly l...
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作者：Hall, BJ; Knox, TA
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
摘要：We empirically analyze the dynamics of executives pay-to-performance sensitivities. Option pay-to-performance sensitivities become weaker as options fall underwater, often leading to pressures to reprice options or restore pay-to-performance sensitivity in other ways. Building a detailed data set on executives' portfolios of stock and options, we find that the responsiveness of pay-to-performance sensitivities (created by all executive holdings of stock and options) to changes in stock price i...
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作者：Guo, RJ; Lev, B; Zhou, N
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; New York University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This study empirically examines the impact of various competitive cost Proxies on the extent of product-related information disclosed by biotech initial public offerings (IPOs) in their prospectuses. The choice of biotech companiess, which operate in a fiercely competitive environment, crystalizes the importance of competitive disclosure costs. The focus on product-related information is aimed at a disclosure set for which potential competitive harm is a priori substantial. Our empirical analy...
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作者：Defond, ML; Hung, MY
作者单位：University of Southern California
摘要：Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as the extent of the laws that protect investors' rights and the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test this assertion by investigating whether these measures of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly ...
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作者：Bushman, RM; Piotroski, JD; Smith, AJ
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Chicago
摘要：We investigate corporate transparency, defined as the availability of firm specific information to those outside publicly traded firms. We conceptualize corporate transparency within a country as output front a multifaceted system whose components collectively produce, gather, validate, and disseminate information. We factor analyze a range of measures capturing countries' firm specific information environments, isolating two distinct factors. The first factor, interpreted as financial transpa...
