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作者：De Franco, Gus; Vasvari, Florin P.; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina
作者单位：University of Toronto; University of London; London Business School; University of Chicago
摘要：We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially generate asset substitution or wealth expropriation by equity holders. We document that debt analysts routinely discuss these conflict events in their reports. More importantly, discussions about conflict eve...
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作者：Erkens, David H.; Subramanyam, K. R.; Zhang, Jieying
作者单位：University of Southern California; Indian School of Business (ISB); University of Texas System; University of Texas Dallas
摘要：We examine the effect of lender monitoring through board representation, which we label affiliated banker on board (AFB) on conservative accounting. We hypothesize that monitoring reduces lenders' demand for conservatism-facilitated control transfers through debt covenants by reducing the information asymmetry that underlies the agency problem of debt. Consistent with our hypothesis, we find that AFB firms have markedly lower conservative accounting than non-AFB firms. This result is robust to...
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作者：Heinle, Mirko S.; Ross, Nicholas; Saouma, Richard E.
作者单位：University of Pennsylvania
摘要：This paper complements the ongoing empirical discussion surrounding participative budgeting by comparing its economic merits relative to a top-down budgeting alternative. In both budgeting regimes, private information is communicated vertically between a principal and a manager. We show that top-down budgeting incurs fewer agency costs than bottom-up budgeting whenever the level of information asymmetry is relatively low. Although the choice between top-down and bottom-up budgeting ultimately ...
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作者：Barton, Jan; Berns, Gregory S.; Brooks, Andrew M.
作者单位：Emory University
摘要：Using functional magnetic resonance imaging, we capture neural activity in the ventral striatum a key area in the human brain's reward processing circuit of 35 adult investors learning the earnings per share disclosed by 60 publicly traded companies. Before imaging, investors forecasted each company's earnings and took either a long or a short position in its stock. Consistent with prospect theory, we find strong neurobiological evidence of an asymmetric reaction to positive and negative earni...
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作者：Richard, Jacques
作者单位：Universite PSL; Universite Paris-Dauphine
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作者：Srinidhi, Bin N.; He, Shaohua; Firth, Michael
作者单位：University of Texas System; University of Texas Arlington; Lancaster University; Lingnan University
摘要：Family firms are characterized by less separation between ownership and control (Type 1 agency problem), but greater conflict of interest between controlling insiders and non-controlling outside investors (Type 2 agency problem). Although strong board governance is known to decrease the Type 1 agency problem, its effectiveness in mitigating the adverse consequences of the Type 2 agency problem has not been well documented in the literature. We show that strongly governed family firms are more ...
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作者：Lu, Hai; Wang, Kevin Q.; Wang, Xiaolu
作者单位：University of Toronto; Iowa State University
摘要：Motivated by investor disagreement and corporate disclosure literatures, we examine how stock price shocks affect future stock returns. We find that both large short-term price drops and hikes are followed by negative abnormal returns over the subsequent year, consistent with the conjecture that price shocks are useful indicators of intertemporal spikes in investor disagreement and investor opinion converges gradually. The asymmetric drifts involve return continuation for negative price shocks...
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作者：Liang, Lihong; Riedl, Edward J.
作者单位：Syracuse University; Boston University
摘要：This paper examines how the reporting model for a firm's operating assets affects analyst forecast accuracy. We contrast U.K. and U.S. investment property firms having real estate as their primary operating asset, exploiting that U.K. (U.S.) firms report these assets at fair value (historical cost). We assess the accuracy of a balance-sheet-based forecast (net asset value, or NAV) and an income-statement-based forecast (earnings per share, or EPS). We predict and find higher NAV forecast accur...
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作者：Chakravarthy, Jivas; deHaan, Ed; Rajgopal, Shivaram
作者单位：Chapman University System; Chapman University; Stanford University; Emory University
摘要：How do firms repair their reputations after a serious accounting restatement? To answer this question, we review firms' press releases and identify 1,765 reputation-building actions taken by: (1) 94 restating firms in the periods before and after their restatement; and (2) a set of matched control firms during contemporaneous periods. We posit that firms have incentives to target multiple stakeholders in a reputation repair strategy-including capital providers, customers, employees, and geogra...
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作者：Ramanna, Karthik; Sletten, Ewa
作者单位：Harvard University; Boston College
摘要：If the differences in accounting standards across countries reflect relatively stable institutional differences, why did several countries rapidly adopt IFRS in the 20032008 period? We test the hypothesis that perceived network benefits from the extant worldwide adoption of IFRS can explain part of a country's shift away from local accounting standards. We find that perceived network benefits increase the degree of IFRS harmonization among countries and that smaller countries have a differenti...
