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作者：Bugeja, Martin; Rosa, Raymond da Silva; Shan, Yaowen; Walter, Terry; Yermack, David
作者单位：University of Technology Sydney; University of Western Australia; University of Technology Sydney; University of Wollongong; University of Sydney; New York University; National Bureau of Economic Research
摘要：This study assesses the impact of minority shareholder empowerment via lower defeat thresholds in say-on-pay votes on CEO compensation and career prospects for directors. We exploit the adoption of the Australian two-strikes rule as a quasi-exogenous shock, which empowers shareholders to vote on board dismissal if a firm's remuneration report receives 25 percent or more dissent votes for two consecutive years. Using a differencein-differences methodology, we find that firms respond to a strike...
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作者：Hiemann, Moritz
作者单位：Bocconi University
摘要：Investment decisions tend to affect outcomes beyond the decision-maker's tenure at the enterprise, and these outcomes, moreover, depend in part on the actions of the decision-maker's successors. Separation between ownership and management, with hired managers compensated by accounting-based performance pay, solves the resulting incentive horizon problem. By contrast, the standard solution to sell the firm to the agent or the use of stock-based compensation creates incentives to invest ineffici...
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作者：Park, KoEun
作者单位：University of Massachusetts System; University of Massachusetts Boston
摘要：A growing literature provides evidence that peer considerations play a central role in shaping a firm's behavior. This paper documents that the frequency of forced CEO turnovers by product market peer firms is negatively associated with a firm's real earnings management. I find that the disciplinary role of forced CEO turnover explains the observed relation. These effects are stronger when firms are suspected to engage in real earnings management to meet or just beat earnings benchmarks. I fin...
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作者：Gunn, Rita; Pierce, Spencer; Romney, Miles
作者单位：Vanderbilt University; State University System of Florida; Florida State University
摘要：Fundamental to the accounting literature is that firms' stock prices relate positively to their earnings news. We examine a setting where investors may be unsure to which firm the announced earnings accrue: earnings announced by acquisition targets between the announcement and completion of the acquisition. We find targets' stock prices relate positively to their unexpected earnings during this interim period but only for unsuccessful M&A deals. For completed deals, we fail to find that target...
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作者：Asay, H. Scott; Hales, Jeffrey; Hinds, Cory; Rupar, Kathy
作者单位：University of Iowa; University of Texas System; University of Texas Austin; Queens University - Canada; University System of Georgia; Georgia Institute of Technology
摘要：There is limited evidence on the construct validity of the dependent measures commonly used in the literature on nonprofessional investor judgments. In this paper, we first survey the literature to understand the types of dependent measures typically used by researchers. We then conduct factor analyses to uncover linkages between dependent measures and the constructs underlying these nonprofessional investor judgments. Our results suggest that, while the wide variety of dependent measures can ...
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作者：Heese, Jonas; Perez-Cavazos, Gerardo; Peter, Caspar David
作者单位：Harvard University; University of California System; University of California San Diego; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We study the effect of executives' pledges of integrity on firms' financial reporting outcomes by exploiting a 2016 regulation that requires holders of Dutch professional accounting degrees to pledge an integrity oath. We identify chief executive officers (CEOs) and chief financial officers (CFOs) required to take the integrity oath and find that firms reduce income-increasing discretionary accruals after executives took the oath. These firms also reduce discretionary expenditures, indicating ...
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作者：McGuire, Sean T.; Rane, Scott G.; Weaver, Connie D.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; State University System of Florida; University of Florida
摘要：We examine whether cost structure influences tax-motivated income shifting. We predict and find that U.S. multinational corporations (MNCs) with a less rigid cost structure engage in greater levels of tax-motivated income shifting relative to MNCs with a more rigid cost structure. This result is consistent with a less rigid cost structure providing greater flexibility to enable MNCs to take advantage of income-shifting opportunities. Further, we find that this relation is more pronounced when ...
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作者：Baer, Leah M.; Ertimur, Yonca; Zhang, Jingjing
作者单位：University of Missouri System; University of Missouri Columbia; University of Colorado System; University of Colorado Boulder; McGill University
摘要：We examine outside board appointments of executives allegedly involved in governance failurestainted executives-to shed light on appointing firms' underlying motivations. Less attractive firms and those with greater advising needs are more likely to appoint tainted executives to their boards than other firms are. Tainted appointees are less likely to be placed on the nominating and governance committees than nontainted appointees. Tainted appointees have similar or better skill sets compared w...
