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作者：Barron, OE; Byard, D; Kile, C; Riedl, EJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; University of Cincinnati; University of Alabama System; University of Alabama Huntsville
摘要：This studY examines the association between firms' intangible asset, and properties of the information contained in analyst's earnings forecasts. We hy pothesize that analysts will supplement firms' financial information by placing greater relative emphasis oil their own private (or idiosyncratic) information which deriving their earnings forecasts for firths with significant intangible assets. Our evidence is consistent with this hypothesis. We find that the consensus in analysts' forecasts, ...
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作者：Marquardt, CA
作者单位：New York University
摘要：This study presents empirical evidence on the ex post costs of employee stock option (ESO) grants to issuing firms and examines whether the Black-Scholes [1973] model provides reasonable estimates of these values. Because there are no market prices for ESOs, the traditional avenues for testing option-pricing models are unavailable. This research relies instead on techniques from the economic forecasting literature, viewing model values as forecasts of the options' payoff. The theoretically app...
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作者：Engel, E; Gordon, EA; Hayes, RM
作者单位：University of Chicago; Rutgers University System; Rutgers University New Brunswick
摘要：This paper analyzes annual corporate governance decisions at firms making initial public offerings (IPOs) of common stock between 1996 and 1999. Our objective is to examine relations between firms' corporate governance decisions and the informativeness of available measures of managerial performance. We consider financial measures such as earnings and stock return, as well as direct monitoring. We collect a sample of IPO firms from the manufacturing, Internet, and technology (non-Internet) ind...
