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作者：Jenkinson, Tim; Landsman, Wayne R.; Rountree, Brian R.; Soonawalla, Kazbi
作者单位：University of Oxford; University of North Carolina; University of North Carolina Chapel Hill; Rice University
摘要：This study analyzes whether fair value estimates of fund net asset values (NAVs) produced by private equity managers are accurate and unbiased predictors of future discounted cash flows (DCFs). We exploit the fact that private equity funds have finite lives to compare reported NAVs to DCFs based on realized cash flows for 384 Venture Capital (VC) funds and 195 Buyout funds spanning 1988-2016. Findings reveal that Buyout funds' NAVs display little systematic bias, but VC funds' NAVs are relativ...
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作者：Klein, April; Li, Tao; Zhang, Bobo
作者单位：New York University; University of Warwick; State University System of Florida; University of Florida; NEOMA Business School
摘要：A number of sell-side healthcare analysts gain access to information outside the purview of management through Freedom of Information Act requests to the Food and Drug Administration for records on factory inspections, complaints, and drug and medical device applications. Using a difference-in-differences methodology, we find that buy (sell) recommendations and upgrades (downgrades) earn higher (lower) stock returns over the year following the receipt of FDA records. We also examine the type o...
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作者：Cheynel, Edwige; Levine, Carolyn B.
作者单位：University of California System; University of California San Diego; University of Delaware
摘要：We model an information mosaic in which multiple signals-one gathered by an informed trader and the other publicly disclosed by the manager of the firm-are combined to estimate firm value. Under testable conditions, voluntary disclosures lead to higher ex ante information asymmetry and expected profits for the informed trader by allowing him to refine his trading strategy and complete his information mosaic. The informed trader's ability to combine information and enhance his advantage is more...
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作者：Kadan, Ohad; Madureira, Leonardo; Wang, Rong; Zach, Tzachi
作者单位：Washington University (WUSTL); University System of Ohio; Case Western Reserve University; Singapore Management University; University System of Ohio; Ohio State University
摘要：Sell-side analysts employ different benchmarks when defining their recommendations. A buy for some brokers means the stock is expected to outperform its industry, while for other brokers, it means the stock is expected to outperform the market or some return threshold. We show that these stated benchmarks have implications for the distribution of recommendations, price reactions to recommendations, and the investment value of recommendations. We conclude that, depending on the question, academ...
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作者：Murphy, Kevin J.; Sandino, Tatiana
作者单位：University of Southern California; Harvard University
摘要：We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs-this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this relation is partly due to consultant conflicts of interest, it is largely explained by the impact consultants have on the composition and complexity of CEO pay plans; notably, this impact fully mediates the consultant-CEO pay rela...
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作者：Driskill, Matthew; Kirk, Marcus P.; Tucker, Jennifer Wu
作者单位：California State University System; California State University Fullerton; State University System of Florida; University of Florida
摘要：We examine whether financial analysts are subject to limited attention. We find that when analysts have another firm in their coverage portfolio announcing earnings on the same day as the sample firm (a concurrent announcement''), they are less likely to issue timely earnings forecasts for the sample firm's subsequent quarter than analysts without a concurrent announcement. Among the analysts who issue timely earnings forecasts, the thoroughness of their work decreases as their number of concu...
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作者：Badia, Marc; Barth, Mary E.; Duro, Miguel; Ormazabal, Gaizka
作者单位：University of Navarra; Stanford University; University of Navarra
摘要：The question we address is whether mandated disclosure about dispersion of nonfinancial asset values can provide information relevant to assessing firm risk. Using a sample of Canadian oil and gas (O&G) firms between 2004 and 2011, we find that the difference between the disclosed 10th and 50th percentiles from the O&G reserves distribution, which measures dispersion of the distribution, is positively associated with future total and idiosyncratic equity return volatility, systematic risk, and...
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作者：Liu, Tingting
作者单位：Iowa State University
摘要：Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high-e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness ...
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作者：D'Augusta, Carlo; DeAngelis, Matthew D.
作者单位：Middle Tennessee State University; University System of Georgia; Georgia State University
摘要：We examine whether the relationship between managerial tone and earnings performance depends on the performance of the firm relative to earnings expectations. Using both annual changes in earnings and the difference between realized earnings and analyst consensus forecasts, we find evidence of tone concavity'' around earnings expectations. Specifically, the covariance between managerial tone and earnings performance is positive when earnings are below expectations, but negative when earnings m...
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作者：Rouen, Ethan
作者单位：Harvard University
摘要：I develop measures of firm-level pay disparity and examine their relation to firm performance. Using comprehensive compensation data for a large sample of firms, I find no statistically significant relation between the ratio of CEO-to-mean employee compensation and performance. I next create empirical models that allow me to separate the components of CEO and employee compensation explained by economic factors from those that are not, and use these models to estimate explained and unexplained ...
