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作者：Baldenius, Tim; Michaeli, Beatrice
作者单位：Columbia University; University of California System; University of California Los Angeles
摘要：We demonstrate a novel link between relationship-specific investments and risk in a setting where division managers operate under moral hazard and collaborate on joint projects. Specific investments increase efficiency at the margin. This expands the scale of operations and thereby adds to the compensation risk borne by the managers. Accounting for this investment/risk link overturns key findings from prior incomplete contracting studies. We find that if the investing manager has full bargaini...
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作者：Ma, Mark (Shuai)
作者单位：American University
摘要：Based on the theoretical framework of Lambert, Leuz, and Verrecchia (2007), I predict that higher earnings quality of economically related public firms reduces a firm's systematic market risk. Using alternative sets of economically related firms, this study provides significant evidence consistent with my prediction. Specifically, a conditional CAPM regression shows that not only a firm's earnings quality, but also the earnings quality of related public firms lowers the loading of firm excess ...
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作者：Shivakumar, Lakshmanan; Urcan, Oktay
作者单位：University of London; London Business School; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We propose two explanations for the previously documented relation between aggregate earnings growth and future inflation: one based on firms changing their investment in response to earnings growth, and the other based on consumers varying their consumption in response to wealth effects of profitability growth. As the supply of goods and services is relatively inelastic in the short run, our arguments imply that changes to near-term demand for investment (consumption) will affect the prices o...
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作者：Kim, Seil; Klein, April
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; University of Warwick
摘要：In December 1999, the SEC instituted a new listing standard for NYSE and NASDAQ firms. Listed firms were now required to maintain fully independent audit committees with at least three members. In July 2002, the U.S. Congress legislated these standards through the Sarbanes-Oxley Act. Our research question is whether all investors benefited from the 1999 new rule. Using both an event study and a difference-in-differences methodology, we find no evidence of higher market value or better financia...
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作者：Jennings, Jared; Lee, Joshua; Matsumoto, Dawn A.
作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia; University of Washington; University of Washington Seattle
摘要：We examine how the co-location of firms in the same industry affects analysts' cost of gathering and processing information. We find that when the firms in an analyst's portfolio are located farther away from other firms in the same industry, the analyst's portfolio size is smaller and average forecast accuracy is lower. We further find that the additional costs that analysts incur to follow distant firms are amplified when earnings are more difficult to forecast. Last, we provide some evidenc...
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作者：Hsu, Charles; Novoselov, Kirill E.; Wang, Rencheng
作者单位：Hong Kong University of Science & Technology; Shanghai University of Finance & Economics; University of Melbourne
摘要：Overconfident CEOs are more willing to initiate investment projects that require experimentation, yet tend to defer responding to the bad news when the project is not performing as planned. Accounting conservatism accelerates the recognition of the bad news and its dissemination to gatekeepers, making it more likely that the CEO will acknowledge the problem earlier and start searching for solutions. Therefore, firms where both characteristics-CEO overconfidence and accounting conservatism-are ...
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作者：Barth, Mary E.; Landsman, Wayne R.; Taylor, Daniel J.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
摘要：This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are consistent with proprietary cost concerns motivating EGCs to eliminate some of the previously mandatory disclosures, which increases information uncertainty in the IPO market, attracts investors who rely more...
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作者：Blouin, Jennifer L.; Bushee, Brian J.; Sikes, Stephanie A.
摘要：We classify all institutional investors that file Form 13-F over the period 1995-2013 as either tax-sensitive or tax-insensitive based on their trading behavior and portfolio characteristics. We examine tests of the effects of investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive institutional investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive investors dominates other...
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作者：Kelly, Khim; Presslee, Adam; Webb, R. Alan
作者单位：State University System of Florida; University of Central Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Waterloo
摘要：We investigate the effects of tangible versus cash rewards in a repeated tournament setting. Firms frequently use tangible rewards to motivate employees, but minimal research has examined their effects relative to cash rewards. We conducted a field experiment at a rug wholesaler that held two consecutive sales tournaments for its retailers. The top three retailers in each tournament received either cash rewards or tangible rewards (gift cards) to be distributed to sales staff. We do not find s...
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作者：Karpoff, Jonathan M.; Koester, Allison; Lee, D. Scott; Martin, Gerald S.
作者单位：University of Washington; University of Washington Seattle; Georgetown University; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; American University
摘要：An extensive literature examines the causes and effects of financial misconduct based on samples drawn from four popular databases that identify restatements, securities class action lawsuits, and Accounting and Auditing Enforcement Releases (AAERs). We show that the results from empirical tests can depend on which database is accessed. To examine the causes of such discrepancies, we compare the information in each database to a detailed sample of 1,243 case histories in which regulators broug...
