2期

最新文章

• The Impact of M&A Delistings on the Information Environment of Industry Peer Firms AI翻译
  作者：Brown, Anna Bergman; Byard, Donal; Darrough, Masako; Suh, Jangwon
  作者单位：Clarkson University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY)
  摘要：This study documents that M&A delistings are associated with a deterioration in the quality of analysts' information environment for industry peer firms, measured by an increase in analysts' absolute forecast errors and dispersion. This effect persists for six quarters and is larger when the delisting target firm contributes relatively more to the industry information environment. Further, we find that, among analysts forecasting earnings for an industry peer firm, those who also followed the ...
• Contract Disclosure under External Scrutiny AI翻译
  作者：Corona, Carlos; Kim, Tae Wook
  作者单位：University System of Ohio; Ohio State University; University of Texas System; University of Texas Dallas
  摘要：We examine the effects of mandating compensation disclosure on executive incentive contracts, earnings management, firm value, and social welfare. We develop a moral hazard model with multiple principal -agent pairs facing an external monitor who allocates resources across firms to verify earnings management. With such scrutiny allocation, contracts exhibit externalities that create a coordination problem among principals. Contract disclosure enables principals to design the contract anticipat...
• Do Enterprise Risk Assessments Affect Tax Aggressiveness? Evidence from US ORSA Regulation AI翻译
  作者：Krupa, Trent J.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville
  摘要：Tax aggressiveness presents nontax risks to firms' cash flow. Evaluating these risks requires information beyond the accounting function's expertise, resulting in high processing costs to acquire and integrate risk information relevant to tax strategies. Managers can rationally adapt by making assumptions about risk information, potentially resulting in decision biases when evaluating the risk-reward tradeoff of tax aggressiveness. Using a novel regulatory setting in the U.S. insurance industr...
• The Effects of Daylight Saving Time Adjustments on Investor Information Processing AI翻译
  作者：Kleppe, Tyler J.; Pierce, Andrew T.; Wiebe, Zac; Yohn, Teri Lombardi
  作者单位：University of Kentucky; University System of Georgia; Georgia State University; University of Arkansas System; University of Arkansas Fayetteville; Emory University
  摘要：Although daylight saving time (DST) is thought to provide economic benefits, extant research documents various adverse effects of DST adjustments. However, prior research provides little conclusive evidence about the effects of DST adjustments on capital market participants. We examine the effects of spring forward DST advances, which disrupt the human sleep cycle and economic activities, on investors' processing of earnings news. We find a delayed price response to earnings news released duri...
• Non-GAAP Reporting and Investment AI翻译
  作者：McClure, Charles G.; Zakolyukina, Anastasia A.
  作者单位：University of Chicago
  摘要：The wide-spread reporting of non-GAAP earnings suggests efficiency gains from doing so. Byestimating a dynamic investment model, we examine the real implications of investors using both GAAP and non-GAAP earnings to valuefirms. When investors use thefirm's GAAP earnings only, thefirm's manager-who caresabout current stock prices-underinvests, and his investment is sensitive to transitory earnings. Non-GAAP earningscan improve investment efficiency by adjusting for these transitory earnings, bu...
• The Economics of Audit Production: What Matters for Audit Quality? An Empirical Analysis of the Role of Midlevel Managers within the Audit Firm AI翻译
  作者：Aobdia, Daniel; Choudhary, Preeti; Newberger, Noah
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Arizona
  摘要：As audits of public companies are labor intensive, require a variety of team members, and involve yearround work, practitioners and academics have increasingly focused on identifying audit production factors that drive audit quality. Using proprietary data, we analyze the cost -benefit tradeoffs of two audit production characteristics, client expertise and the relative amount of auditing done during the early phases of the audit, and find that both are associated with more effective audits and...
• Common Ownership, Executive Compensation, and Product Market Competition AI翻译
  作者：Bloomfield, Matthew J.; Friedman, Henry L.; Kim, Hwa Young
  作者单位：University of Pennsylvania; University of California System; University of California Los Angeles; Hong Kong University of Science & Technology
  摘要：The negative effects of common ownership on competition have received significant attention, but many proposed mechanisms for institutional investor influence seem implausible. We develop and test an analytical model of optimal compensation in an oligopoly with common ownership, focusing on revenue-based pay as a plausible channel through which institutional investors might influence competition. Our model implies a negative effect of common ownership on firms' use of revenue-based pay. Using ...
• Information, Incentives, and CEO Replacement AI翻译
  作者：Meng, Xiaojing
  作者单位：New York University
  摘要：There are instances where CEO turnover occurs, even if the company has not made any significant strategy changes, and the new CEO possesses similar abilities as the predecessor. This paper aims to provide a rational explanation for this seemingly irrational phenomenon. One possible reason for this aggressive CEO turnover is the board's desire to reduce the information rents earned by the privately informed CEO. Specifically, the incumbent CEO has a temptation to sandbag the board about profita...