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作者：Christensen, Dane M.; Jin, Hengda; Lee, Joshua A.; Sridharan, Suhas A.; Wellman, Laura A.
作者单位：University of Oregon; Texas A&M University System; Texas A&M University College Station; Mays Business School; Brigham Young University; Emory University; University of Oregon
摘要：Prior research suggests that (1) politically active firms have an information advantage over firms that do not engage in the political process but also that (2) politically active firms are more likely to disclose policy-related information. We examine whether there are externalities associated with the processing of political information by politically active firms. We study this question in the setting of intraindustry information transfers around earnings announcements. Measuring firms' pol...
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作者：Sul, Edward S.
作者单位：George Washington University
摘要：Using the staggered adoption of takeover laws, this study examines implications of takeover threats on earnings management around the world. I find that the enactment of takeover legislation leads to increased earnings management (abnormally high accruals, target beating, and poor accruals quality). Results are driven by underperforming managers with higher turnover risk in countries with high increases in turnover sensitivity to performance, indicating job security concerns as the channel thr...
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作者：Budde, Jorg; Hofmann, Christian
作者单位：University of Bonn; University of Munich
摘要：We study the properties of long-term bonus pools (BPs) with rollover provision in a multiperiod moral hazard setting, where the principal uses subjective information to privately assess the agent's performance and the agent is protected by limited liability (LL). To provide incentives, the principal funds a multiperiod BP with a fixed payment that may be distributed over time to the agent and a third party. We find that the optimal long-term BP contract features performance targets that are co...
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作者：Ferguson, Andrew; Hu, Cecilia Wei; Lam, Peter
作者单位：University of Technology Sydney; Deakin University
摘要：This study investigates the economic consequences of the IFRS 3 (2008) requirement for fair valuing earnouts. Using a hand -collected sample of earnout fair value estimates in acquisitions completed by Australian firms, we find that a significant portion of acquirers overstate initial earnout liabilities and strategically reverse them as operating gains to boost post-M&A earnings. These overstatements are more pronounced when acquirers face investment- and performance -related pressure but att...
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作者：McVay, Sarah E.; Rodriguez-Vazquez, Edgar A.; Toynbee, Sara M.
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Austin
摘要：Although the increase in non-GAAP earnings metrics has drawn unfavorable attention from regulators and standard setters, it can provide valuable experience for investors. We investigate whether experience with nonGAAP earnings metrics influences investors' pricing of non-GAAP exclusions. We measure experience as the frequency with which managers or analysts provide non-GAAP earnings over the prior eight quarters and find that experience aids in the pricing of non-GAAP exclusions. Absent prior ...
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作者：Garcia-Feijoo, Luis; Jensen, Tyler K.; Koch, Paul D.
作者单位：State University System of Florida; Florida Atlantic University; Iowa State University
摘要：We document time -varying interrelations between aggregate funding conditions and the impact of operating leverage (OL) on stock returns. OL represents a primitive source of risk, which helps explain the well established unconditional relation between OL and future returns. However, the outperformance of firms with high OL occurs exclusively during periods of unconstrained funding. Although high OL represents operational inflexibility, when the Fed eases funding constraints, improved capital a...
