2-3期

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...
• 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...
• 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...
• 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...
• 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...
• Discussion of Dynamic performance measurement with intangible assets AI翻译
  作者：Dutta, Sunil
  作者单位：University of California System; University of California Berkeley
  摘要：Carona (2008) investigates the roles of nonfinancial performance indicators and long-term commitments in an incentive contracting setting. The paper develops a multiperiod agency model in which nonfinancial performance indicators are shown to be valuable in providing the agent with desirable incentives. The relative importance of nonfinancial measures depends on the level of commitment that the principal and the agent can sustain. While long-term contracts are more efficient than short-term co...
• On the relation between expected returns and implied cost of capital AI翻译
  作者：Hughes, John; Liu, Jing; Liu, Jun
  作者单位：University of California System; University of California Los Angeles; University of California System; University of California San Diego
  摘要：We examine the relation between implied cost of capital and expected returns under an assumption that expected returns are stochastic, a property supported by theory and empirical evidence. We demonstrate that implied cost of capital differs from expected return, on average, by a function encompassing volatilities of, as well as correlation between, expected returns and cash flows, growth in cash flows, and leverage. These results provide alternative explanations for findings from empirical st...