2期

最新文章

• Shifting corporate culture: executive stock ownership plan adoptions and incentives to meet or just beat analysts' expectations AI翻译
  作者：Quinn, Phillip J.
  作者单位：University of Washington; University of Washington Seattle
  摘要：This paper investigates whether adoptions of executive stock ownership plans coincide with decreased incentives to meet or just beat analysts' near-term EPS forecasts. Firms often assert that ownership plans focus executives on long-term performance. I find that the impact of these adoptions on meeting or just beating analysts' EPS forecasts differs depending on whether the plan binds the CEO to reach ownership targets by a specified date. In particular, I find that firms that adopt plans requ...
• Range has it: decoding the information content of forecast ranges AI翻译
  作者：Tang, Michael; Zhang, Li
  作者单位：New York University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
  摘要：Range forecasts have emerged as the predominant form of management forecasts, but prior research has overlooked the information conveyed by forecast ranges. This study fills this void by examining the information content of the extent to which managers' forecast ranges overlap with the range of individual analysts' pre-existing estimates (i.e., overlap). We expect managers to signal their superior private information by issuing low-overlap forecasts. We predict and find that, compared with hig...
• The market reaction to bank regulatory reports AI翻译
  作者：Badertscher, Brad A.; Burks, Jeffrey J.; Easton, Peter D.
  作者单位：University of Notre Dame
  摘要：We investigate the role of bank regulatory reports in the information environments of banks. Our findings are as follows. (1) Call Reports but not FR Y-9Cs elicit economically significant stock price and volume reactions when they are publicly released, despite the fact that Call Reports usually follow earnings announcements. (2) Some of the reaction is traceable to a schedule dealing with mortgage lending and servicing. (3) The release of the Call Reports is tightly clustered around the 30th ...
• Inside the black box of private in-house meetings AI翻译
  作者：Bowen, Robert M.; Dutta, Shantanu; Tang, Songlian; Zhu, Pengcheng
  作者单位：University of San Diego; University of Washington; University of Washington Seattle; University of Ottawa; East China University of Science & Technology
  摘要：We examine information content and related insider trading around private in-house meetings between corporate insiders and investors and analysts. We use a hand-collected dataset of approximately 17,000 private meeting summary reports of Shenzhen Stock Exchange firms over 2012-2014. We find that these private meetings are informative and corporate insiders conducted over one-half of their stock sales (totaling $8.7 billion) around these meetings. Some insiders time their transactions and earn ...
• Financial reporting fraud and other forms of misconduct: a multidisciplinary review of the literature AI翻译
  作者：Amiram, Dan; Bozanic, Zahn; Cox, James D.; Dupont, Quentin; Karpoff, Jonathan M.; Sloan, Richard
  作者单位：Columbia University; University System of Ohio; Ohio State University; Duke University; University of Washington; University of Washington Seattle; University of California System; University of California Berkeley
  摘要：Financial reporting fraud and other forms of financial reporting misconduct are a significant threat to the existence and efficiency of capital markets. This study reviews the literature on financial reporting misconduct from the perspectives of law, accounting, and finance. Our goals are to establish a common language for researchers interested in this line of research, describe the main findings and challenges in these literatures, and provide directions for future research. Although researc...
• Managerial incentives, options, and cost-structure choices AI翻译
  作者：Aboody, David; Levi, Shai; Weiss, Dan
  作者单位：University of California System; University of California Los Angeles; Tel Aviv University
  摘要：This study explores the relationship between changes in managerial risk-taking incentives and adjustments of firms' cost structures, particularly the operating leverage (fixed-to-variable cost ratio). We find managers reduce operating leverage by substituting fixed costs with variable costs, mainly in the selling, general, and administrative (SG&A) and research and development (R&D) cost components, in response to reductions in option-based compensation following the issuance of FAS 123R. Mana...
• Equity cross-listings in the US and the price of debt AI翻译
  作者：Ball, Ryan T.; Hail, Luzi; Vasvari, Florin P.
  作者单位：University of Michigan System; University of Michigan; University of Pennsylvania; University of London; London Business School
  摘要：Using a large panel from 46 countries over 20 years, we find that non-U.S. firms issue corporate bonds more frequently and at lower offering yields following an equity cross-listing on a U.S. exchange. Firms issue more bonds through public offerings instead of private placements and in foreign markets rather than at home, in both cases at significantly lower yields. Moreover, the debt-related benefits are concentrated among firms domiciled in countries with less private benefits of control, ef...
• The cost of disclosure regulation: evidence from D&O insurance and nonmeritorious securities litigation AI翻译
  作者：Donelson, Dain C.; Hopkins, Justin J.; Yust, Christopher G.
  作者单位：University of Texas System; University of Texas Austin; University of Virginia; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：This study examines whether the required disclosure of directors' and officers' (D&O) insurance premiums leads to nonmeritorious securities litigation. Our research setting uses a proprietary D&O insurance database that includes New York and non-New York firms, combined with the fact that New York firms must disclose D&O insurance premiums. We thus can exploit a natural experiment based on inter-state variation in disclosure regulation. Disclosed premiums may influence case selection in two wa...
• Proprietary costs and sealing documents in patent litigation AI翻译
  作者：Frankel, Richard; Lee, Joshua; Lemayian, Zawadi
  作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia
  摘要：We study whether the sealing of a defendant's judicial records during a patent lawsuit filing correlates with the defendant's level of competition and disclosure. Courts permit sealing of judicial records when competitive damage outweighs the public interest in access to documents and records. We find that defendants with sealed judicial records have higher research and development (R&D), lower industry sales concentration, and more references to competition in their annual reports than defend...
• An information-based model for the differential treatment of gains and losses AI翻译
  作者：Nagar, Venky; Rajan, Madhav V.; Ray, Korok
  作者单位：University of Michigan System; University of Michigan; University of Chicago; Texas A&M University System; Texas A&M University College Station
  摘要：This study defines reporting conservatism as a higher verification standard for probable gains compared to losses and builds a model that endogenously generates optimal behavior resembling an asymmetric preference for gains versus losses. Our model considers the setting where one party produces a resource and another tries to expropriate it. The key factor determining the extent of the gain-loss asymmetry is the level of information asymmetry or trust between the two parties. The information a...