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作者：Xue, Yanfeng
作者单位：University of Texas System; University of Texas Austin
摘要：A firm's board of directors, based on its risk tolerance or appetite, sets the corporate objectives. It is then the management's job to meet the objectives by adopting appropriate strategies. However, the board can design compensation policies to encourage desired management strategy choices. This paper explores the extent to which management compensation policies are aligned with strategy choices for obtaining new technology. Finns obtain new technology either through internal R&D or through ...
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作者：Marquardt, Carol A.; Wiedman, Christine I.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Waterloo
摘要：This paper examines the economic consequences of changes in the financial reporting requirements for contingent convertible securities (COCOs). Using a sample of 199 COCO issuers from 2000 to 2004, we find that issuers are more likely to restructure or redeem existing COCOs to obtain more favorable accounting treatment when the financial reporting impact on diluted earnings per share (EPS) is greater and when EPS is used as a performance metric in CEO bonus contracts. These results provide new...
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作者：Chambers, Dennis; Linsmeier, Thomas J.; Shakespeare, Catherine; Sougiannis, Theodore
作者单位：University of Kentucky; University of Michigan System; University of Michigan; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In this study, we provide evidence on the pricing of other comprehensive income (OCI) that differs from most evidence in prior research. Prior archival research has largely concluded that OCI is not priced by investors. In contrast, we provide evidence in the post-SFAS 130 period that OCI is priced on a dollar-fordollar basis as is predicted by economic theory for transitory income items. We attribute this finding to our use of post-SFAS 130 as-reported measures of OCI rather than pre-SFAS 130...
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作者：Beaver, William H.; McNichols, Maureen F.; Nelson, Karen K.
作者单位：Stanford University; Rice University
摘要：We show that the asymmetric effects of income taxes and special items for profit and loss firms contribute to a discontinuity at zero in the distribution of earnings. Income taxes draw profit observations towards zero while negative special items pull loss observations away from zero. These earnings components are thus expected to contribute to a discontinuity even in the absence of discretion. We show our results are not an artifact of deflation and that other common components of earnings do...
