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作者：Einhorn, Eti; Ziv, Amir
作者单位：Columbia University; Tel Aviv University
摘要：We provide a bridge between the voluntary disclosure and the earnings management literature. Voluntary disclosure models focus on managers' discretion in deciding whether or not to provide truthful voluntary disclosure to the capital market. Earnings management models, on the other hand, concentrate on managers' discretion in deciding how to bias their mandatory disclosure. By analyzing managers' disclosure strategy when disclosure is voluntary and not necessarily truthful, we show the robustn...
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作者：Caskey, Judson; Hughes, John; Liu, Jing
作者单位：University of California System; University of California Los Angeles
摘要：We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory. We decompose leverage into optimal and excess components and find that excess leverage tends to drive this negative relation. We also find that excess leverage predicts firm fundamentals and that the negat...
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作者：Cheynel, Edwige; Levine, Carolyn B.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Columbia University
摘要：We examine an analyst's sale and distribution of information related to short-term price movements but unrelated to underlying firm value. By selling non fundamental information, the analyst increases competition on the signal, but prices become more sensitive to net order flow, creating an offsetting increase in the non fundamental signal's value. More precise non fundamental information is more widely distributed. In the limit, a perfect non fundamental signal will be publicly disclosed for ...
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作者：Baginski, Stephen P.; Rakow, Kenneth C., Jr.
作者单位：University System of Georgia; University of Georgia; Saint Xavier University
摘要：We examine the relation between management earnings forecast disclosure policy and the cost of equity capital in a cross-section of 1,355 firms over a 4-year post-Regulation Fair Disclosure period (2001 through 2004). We find evidence of a negative association between the quality of management earnings forecasting policy and cost of equity capital, and we document that the strength of the association is greater for firms with higher disclosure costs and for firms with more relevant quarterly m...
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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...
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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...
