5期

最新文章

• Performance-Vesting Share Award Outcomes and CEO Incentives AI翻译
  作者：Pawliczek, Andrea
  作者单位：University of Missouri System; University of Missouri Columbia
  摘要：I investigate the incentives provided by performance-vested stock awards (PVSAs) and the accuracy of ex ante PVSA valuations. In PVSAs, the number of shares awarded to the CEO varies based on how firm performance compares to target performance levels. The incentives provided by PVSAs and their valuations depend on the difficulty of the performance targets, which cannot be easily determined using ex ante disclosures. Using a hand-collected dataset of PVSA outcomes, I find that target difficulty...
• Observations from a Professor Serving as Dean AI翻译
  作者：Shackelford, Douglas A.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：This paper draws from my experiences as an accounting professor who has served as the dean of a business school for over seven years. It is based on my Presidential Scholar Lecture to the virtual 2020 American Accounting Association Annual Meeting. The challenges and opportunities that scholars face in their research and teaching differ substantially from those that deans face in leading and managing schools. Nonetheless, I have found many similarities between the behaviors of the best scholar...
• The Possible Weakening of Financial Accounting from Tax Reforms AI翻译
  作者：Hanlon, Michelle
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：There are past and proposed tax law changes that contain provisions that affect financial reporting. These include calls for book-tax conformity, proposals to increase the links between financial accounting and taxable incomes, and actions by Congress that make direct alterations to U.S. GAAP. I submit that these tax law changes potentially threaten financial reporting quality. I discuss my concerns about why such provisions have not attracted attention from accountants to the extent they shou...
• Disclosure Regulation and Competitive Interactions: Evidence from the Oil and Gas Industry AI翻译
  作者：Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazabal, Gaizka
  作者单位：University of Navarra; IESE Business School; Copenhagen Business School; Hanken School of Economics; University of Navarra; IESE Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute
  摘要：We study the effects of mandatory disclosure on competitive interactions in the setting of oil and gas (O&G) reserve disclosures by North American public firms. We document that reserve disclosures inform competitors: when one firm announces larger increases in O&G reserves, competitors experience lower announcement returns and higher real investments. To sharpen identification, we analyze several sources of cross-sectional variation in these patterns, the degree of competition, and the sign a...
• Identifying Insincere and Sincere Bias through Post-Report Interactions AI翻译
  作者：Bentley, Jeremiah W.; Bloomfield, Robert J.; Davidai, Shai; Ferguson, Melissa J.
  作者单位：University of Massachusetts System; University of Massachusetts Amherst; Cornell University; Columbia University; Yale University
  摘要：Advisors frequently have an interest in the decisions their advisees make, forcing advisees to distinguish their advisors' unbiased beliefs from their self-interested bias. This task is likely to be especially hard when psychological forces distort advisors' beliefs to make some of their bias sincerely held. In our first experiment, we show that advisors bias both their recommendations and their own actions toward their persuasion goal, and that advisees are better at distinguishing between th...
• Cost Structure, Operating Leverage, and CDS Spreads AI翻译
  作者：Bhojraj, Sanjeev; Bloomfield, Robert J.; Jang, Youngki; Yehuda, Nir
  作者单位：Cornell University; University of Nebraska System; University of Nebraska Omaha; University of Delaware
  摘要：We provide evidence that credit investors do not fully impound the implications of firms' cost structure (or operating leverage) when pricing credit default swaps. Information about firms' cost structure is not disclosed and needs to be estimated. Furthermore, the performance implications of firms' cost structure depend on the expected macroeconomic conditions. We focus on the debt market because of the strong emphasis of this market on downside risk. To measure expected aggregate macroeconomi...
• Soft Information in the Financial Press and Analyst Revisions AI翻译
  作者：Bradshaw, Mark T.; Lock, Brandon; Wang, Xue; Zhou, Dexin
  作者单位：Boston College; City University of New York (CUNY) System; Baruch College (CUNY); University System of Ohio; Ohio State University; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：Both sell-side analysts and the media are information intermediaries in capital markets. This study investigates the association between sell-side analyst research and information in firm-specific news coverage. More frequent recent news coverage is associated with stronger market reactions to analysts' research revisions, and primarily explained by soft information in news coverage. The primary result is robust to using both an instrumental variable and a quasi-natural experimental setting to...