4期

最新文章

• Are executive stock option exercises driven by private information? AI翻译
  作者：Aboody, David; Hughes, John; Liu, Jing; Su, Wei
  作者单位：University of California System; University of California Los Angeles
  摘要：In this study, we investigate the extent to which exercise of executive stock options is based upon private information. Contrary to popular belief, we find that shares are held more than 30 days following over a quarter of options exercised. Partitioning the data, we find weak evidence that decisions to exercise and sell immediately are prompted by bad news and stronger evidence that decisions to exercise and hold for at least 30 days are prompted by good news. Enhancing the power of our test...
• The relevance of quantifiable audit qualifications in the valuation of IPOs AI翻译
  作者：Ghicas, Dimitrios C.; Papadaki, Afroditi; Siougle, Georgia; Sougiannis, Theodore
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Athens University of Economics & Business
  摘要：How useful are audit qualifications to financial statement users? We analyze a sample of 204 firms that went public at the Athens Stock Exchange over the period 1987-2002. For 149 of these firms, auditors report quantitative estimates of the amount by which assets are overstated and/or liabilities are understated in reported financial statements. We find that underwriters and their affiliated analysts do not incorporate the negative information provided by these qualifications into offer price...
• Rewriting earnings history AI翻译
  作者：Lev, Baruch; Ryan, Stephen G.; Wu, Min
  作者单位：New York University; University of Hong Kong
  摘要：Research on the usefulness of financial information generally focuses on the innovation in the information examined, such as an earnings surprise or cash flow growth. Consequently, prior research sheds little light on the role of the rich historical record of financial information in users' decision-making. Using a sample of published restatements of earnings, we show that the revision of the historical pattern of earnings, distinct from the magnitude of the restatement and its impact on curre...
• Tax incentives for inefficient executive pay and reward for luck AI翻译
  作者：Goex, Robert F.
  作者单位：University of Fribourg
  摘要：I study the economic consequences of tax deductibility limits on salaries for the design of incentive contracts. The analysis is based on an agency model in which the firm's cash flow is a function of the agent's effort and an observable random factor beyond the agent's control. According to my analysis, limiting the tax deductibility of fixed wages has two consequences. The principal rewards the agent on the basis of the observable random factor and adjusts the amount of performance-based pay...
• Does acquirer cash level predict post-acquisition returns? AI翻译
  作者：Oler, Derek K.
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
  摘要：This paper investigates whether an acquirer's pre-announcement cash level can predict post-acquisition returns. Harford (1999, Journal of Finance, 54, 1969-1997) shows that some cash-rich acquirers have lower announcement period returns than other acquirers, suggesting the market partially anticipates poor future performance. This paper shows that the acquirer's cash level is also strongly and negatively predictive of post-acquisition returns, indicating that the announcement response is incom...