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作者：Pyzoha, Jonathan S.
作者单位：University System of Ohio; Miami University
摘要：Prior archival studies find that firms that voluntarily adopted clawback policies have experienced a reduction in restatements. I experimentally examine this outcome by investigating the influence of two key factors (i.e., executive compensation structure and auditor quality) on financial reporting executives' (hereafter, executives'') decision-making regarding a proposed restatement that will lead to a clawback of their incentives. I find that executives (i.e., CFOs, controllers, and treasure...
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作者：Brisley, Neil; Douglas, Alan V.
作者单位：University of Waterloo
摘要：When future operations are expected to provide information rents, managers concerned with being replaced can entrench themselves with value-increasing firm-specific human capital (SHC). In motivating SHC investment, the firm trades off the incentive effects of an ex ante commitment to asymmetric information against the costs of compensation rents and private benefits. Firm value, therefore, is affected by (1) the accuracy with which the board observes and interprets information, and (2) the st...
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作者：Zhang, X. Frank
作者单位：Yale University
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作者：Dhole, Sandip; Khumawala, Saleha B.; Mishra, Sagarika; Ranasinghe, Tharindra
作者单位：University of Melbourne; University of Houston System; University of Houston; Deakin University; Singapore Management University
摘要：This study examines the impact of the California Nonprofit Integrity Act of 2004 on CEO compensation costs in affected organizations. Contrary to the stated objective of the Act that executive compensation is just and reasonable, we find that CEO compensation costs for affected nonprofits during the post-regulation periods have increased by about 6.3 percent when compared with a control group of comparable unaffected nonprofits. In addition, the relative increase in CEO compensation appears to...
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作者：Amel-Zadeh, Amir; Zhang, Yuan
作者单位：University of Cambridge; University of Texas System; University of Texas Dallas
摘要：This paper investigates whether and how financial restatements affect the market for corporate control. We show that firms that recently filed financial restatements are significantly less likely to become takeover targets than a propensity score matched sample of non-restating firms. For those restating firms that do receive takeover bids, the bids are more likely to be withdrawn or take longer to complete than those made to non-restating firms. Finally, there is some evidence that deal value...
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作者：Mayew, William J.; Sethuraman, Mani; Venkataehalam, Mohan
作者单位：Duke University
摘要：This paper explores the role of textual disclosures in the Management, Discussion, and Analysis (MD&A) section of a firm's SEC 10-K filing in predicting a firm's ability to continue as a going concern. Using a sample of firms that filed for bankruptcy between 1995 and 2012 to identify firms that cease as a going concern, we find that both management's opinion about going concern reported in the MD& A and the linguistic tone of the MD& A together provide significant explanatory power in predict...
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作者：Hui, Kai Wai; Matsunaga, Steven R.
作者单位：Hong Kong University of Science & Technology; University of Oregon
摘要：This study provides evidence regarding the importance that boards of directors place on effective communication with the investor community by examining whether CEO and CFO compensation are related to the quality of the firm's financial disclosures. Using an index derived from analyst forecast characteristics and management forecast accuracy to measure disclosure quality, we find changes in the annual bonus for both the CEO and CFO to be positively associated with changes in disclosure quality...
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作者：Chen, Clara Xiaoling; Matsumura, Ella Mae; Shin, Jae Yong; Wu, Steve Yu-Ching
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Wisconsin System; University of Wisconsin Madison; Seoul National University (SNU); University of Hong Kong
摘要：This paper empirically examines the interactive effect of competition intensity and competition type on the use of customer satisfaction measures in executives' annual bonus contracts. Specifically, we predict a stronger association between competition intensity in an industry and the use of customer satisfaction measures in executives' annual bonus contracts when the competition is non-price-based than when the competition is price-based. Using hand-collected data from Standard & Poor's (S&P)...
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作者：Meder, Anthony A.
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY
摘要：I examine the effect of marketable security holdings on monetary policy when those securities are classified under SFAS 115. Prior research has shown that loan growth is negatively related to monetary contractions, and that marketable security holdings mitigate that negative relationship. Those studies consider the securities in aggregate; I am the first to consider the securities classification in conjunction with monetary policy. I ask whether held-to-maturity securities, relative to non-hel...
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作者：Chen, Long; Ng, Jeff; Tsang, Albert
作者单位：George Mason University; Chinese University of Hong Kong
摘要：Using a comprehensive dataset of international cross-listings spanning 34 (50) home (target) countries, we examine whether mandatory IFRS adoption facilitates firms' cross-listing activities. Our results using difference-in-differences analyses show that firms that mandatorily adopt IFRS exhibit significantly higher cross-listing propensity and intensity following IFRS adoption. We also find that firms from mandatory IFRS adoption countries are more likely to cross-list their securities in cou...
