2009

最新文章

• Explicit relative performance evaluation in performance-vested equity grants AI翻译
  作者：Carter, Mary Ellen; Ittner, Christopher D.; Zechman, Sarah L. C.
  作者单位：University of Pennsylvania; Boston College; University of Chicago
  摘要：Using data from FTSE 350 firms, we examine factors influencing explicit relative performance evaluation (RPE) conditions in performance-vested equity grants. We provide exploratory evidence on whether the use or characteristics of RPE are associated with efforts to improve incentives by removing common risk, other economic factors discussed in the RPE literature, or external pressure to implement RPE. We find that many of these economic factors, including common risk reduction, are more closel...
• How does the corporate bond market value capital investments and accruals? AI翻译
  作者：Bhojraj, Sanjeev; Swaminathan, Bhaskaran
  作者单位：Cornell University
  摘要：This paper examines whether the mispricing of accruals documented in equity markets extends to bond markets. The paper finds that corporate bonds of firms with high operating accruals underperform corporate bonds of firms with low operating accruals. In the first year after portfolio formation, the underperformance is 115 basis points using an accrual measure that includes capital investments and 93 basis points using an accrual measure that is based only on working capital investments. The Sh...
• Are analysts' earnings forecasts more accurate when accompanied by cash flow forecasts? AI翻译
  作者：Call, Andrew C.; Chen, Shuping; Tong, Yen H.
  作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia; Nanyang Technological University
  摘要：We examine whether analysts' earnings forecasts are more accurate when they also issue cash flow forecasts. We find that (i) analysts' earnings forecasts issued together with cash flow forecasts are more accurate than those not accompanied by cash flow forecasts, and (ii) analysts' earnings forecasts reflect a better understanding of the implications of current earnings for future earnings when they are accompanied by cash flow forecasts. These results are consistent with analysts adopting a m...
• The robustness of the Sarbanes Oxley effect on the US capital market AI翻译
  作者：Hansen, Bowe; Pownall, Grace; Wang, Xue
  作者单位：Emory University; University System Of New Hampshire; University of New Hampshire
  摘要：We examine the incidence of new listings and delistings on U.S. stock exchanges and firms' propensity to delist, as a function of general market conditions, firm fundamentals, and the costs of compliance with the Sarbanes Oxley Act (SOX). We find that both general market conditions and firm fundamentals explain the delisting incidence and firms' delisting decisions; while SOX variables are positively associated with firms' delisting likelihood only when general market conditions are not includ...
• Accounting conservatism and corporate governance AI翻译
  作者：Garcia Lara, Juan Manuel; Garcia Osma, Beatriz; Penalva, Fernando
  作者单位：University of Navarra; IESE Business School; Universidad Carlos III de Madrid; Autonomous University of Madrid
  摘要：We predict that firms with stronger corporate governance will exhibit a higher degree of accounting conservatism. Governance level is assessed using a composite measure that incorporates several internal and external characteristics. Consistent with our prediction, strong governance firms show significantly higher levels of conditional accounting conservatism. Our tests take into account the endogenous nature of corporate governance, and the results are robust to the use of several measures of...
• Discussion of Explicit relative performance evaluation in performance-vested equity grants AI翻译
  作者：Ferri, Fabrizio
  作者单位：Harvard University
  摘要：Carter, Ittner and Zechman (2009) examine the use of explicit relative performance evaluation (RPE) conditions in performance-vested equity plans in a sample of United Kingdom (U.K.) firms in 2002. They find that factors suggested by economic theories (for example, removal of common shocks, tournament theory) are more closely associated with specific features of the plan than with the firm-level decision to use an RPE equity plan. My discussion focuses on the interpretation of these findings a...
• Financial reporting complexity and investor underreaction to 10-K information AI翻译
  作者：You, Haifeng; Zhang, Xiao-jun
  作者单位：University of California System; University of California Berkeley; Barclays
  摘要：We study the immediate and delayed market reaction to U.S. Securities and Exchange Commission (SEC) EDGAR 10-K filings. Unusual trading volumes and stock-price movements are documented during the days around the 10-K filing dates. The abnormal price movements are positively associated with future accounting profitability, indicating that 10-K reports contain useful information about future firm performance. In addition, investors' reaction to 10-K information seems sluggish, as demonstrated by...
• Dynamic performance measurement with intangible assets AI翻译
  作者：Corona, Carlos
  作者单位：University of Texas System; University of Texas Austin
  摘要：The increasing importance of intangible assets in modern economies is driving companies to include measures of intangible assets in managerial performance evaluations. For the multiperiod principal-agent model analyzed in this paper, a manager must be motivated to invest in intangible assets like customer satisfaction or product quality. The intangible asset is not verifiable for contracting purposes, but the parties can rely on a noisy indicator of the current asset value. I derive a class of...
• Experimental evidence of how prior experience as an auditor influences managers' strategic reporting decisions AI翻译
  作者：Bowlin, Kendall O.; Hales, Jeffrey; Kachelmeier, Steven J.
  作者单位：University of Texas System; University of Texas Austin; University of Mississippi; University System of Georgia; Georgia Institute of Technology
  摘要：We design an experiment to examine the influence of audit experience on subsequent reporting decisions when auditors become managers of audited firms. In contrast to the independence issues that can arise when auditors and their clients are related by prior affiliation, we focus this study on the more common case in which auditors assume subsequent employment with other firms' clients. In a bi-matrix experimental game that captures key features of the strategic tension between auditors and rep...
• Discussion of The robustness of the Sabarnes Oxley effect on the US capital market AI翻译
  作者：Harris, Trevor S.
  作者单位：Columbia University
  摘要：In this paper, I use anecdotal evidence and logical reasoning to suggest that, despite the use of an extensive database, it is not possible to conclude that passage of the Sarbanes Oxley Act did not have an impact on companies' delisting decisions. Moreover, the instrumental variables used to proxy for SOX effects are too weak and suffer from a significant endogeneity problem given that passage of SOX was driven by many of the economic and control problems that are used to control for market a...