2012

最新文章

• Corporate governance, compensation consultants, and CEO pay levels AI翻译
  作者：Armstrong, Christopher S.; Ittner, Christopher D.; Larcker, David F.
  作者单位：University of Pennsylvania; Stanford University
  摘要：This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance differences. Using proxy statement disclosures from 2,110 companies, we find that CEO pay is higher in firms with weaker governance and that firms with weaker governance are more likely to use compensation consultants. CEO pay remains higher in clients of consulting firms even after controlling for eco...
• Evidence on the use of unverifiable estimates in required goodwill impairment AI翻译
  作者：Ramanna, Karthik; Watts, Ross L.
  作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
  摘要：SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted that managers will, on average, use the fair-value estimates to convey private information on future cash flows. The current fair value of goodwill is unverifiable because it depends in part on management's future actions (including managers' conceptualization and implementation of firm strategy). Agency theory predicts managers will, on a...
• Why do firms rarely adopt IFRS voluntarily? Academics find significant benefits and the costs appear to be low AI翻译
  作者：Christensen, Hans B.
  作者单位：University of Chicago
  摘要：Kim and Shi (Rev Account Stud, doi:10.1007/s11142-012-9190-y, this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal-a conclusion that is similar to many published papers on IFRS adoption. Yet voluntary IFRS adopters constitute only a small percentage of the global population of firms, which implies that either practitioners behave irrationally or the benefits are incorrectly estimated by academics. In this discussion I arg...
• Investor protection and price informativeness about future earnings: international evidence AI翻译
  作者：Haw, In-Mu; Hu, Bingbing; Lee, Jay Junghun; Wu, Woody
  作者单位：Texas Christian University; Hong Kong Baptist University; Chinese University of Hong Kong
  摘要：This study draws on the investor protection literature to identify structural factors in a country's information environment that are likely to explain cross-country differences in the extent to which future earnings information is capitalized in current stock returns. Using a sample of 55,900 firm-years from 32 countries, we find that greater financial disclosure, higher quality earnings, and greater information dissemination through news media are associated with stock prices that are more i...