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作者：Li, Bin; Rajgopal, Shivaram; Venkatachalam, Mohan
作者单位：University of Texas System; University of Texas Dallas; Emory University; Duke University
摘要：A growing literature investigates the association between stock return variation and several aspects of information and governance structures, in both a cross-country setting and a cross-firm setting within the U.S. Papers use either idiosyncratic stock return volatility (sigma(2)(e)) or R-2 as interchangeable measures of firm-specific return variation but report inconsistent results. An important reason for the differing interpretations is the assumption about whether lower R-2 (or higher sig...
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作者：Dewing, Ian; Georgiou, Omiros
作者单位：University of East Anglia; University of London; London School Economics & Political Science
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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：Beck, Matthew J.; Mauldin, Elaine G.
作者单位：Michigan State University; University of Missouri System; University of Missouri Columbia
摘要：Although regulation makes audit committees responsible for determining and negotiating audit fees, researchers and practitioners express concerns that CFOs continue to control these negotiations. Thus, regulation may give investors a false sense of security regarding auditor independence. We utilize the recent financial crisis and economic recession as an exogenous shock that allows us to shed light on the relative influence of the audit committee and the CFO on fee negotiations. During the re...
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Waymire, Gregory B.
作者单位：Emory University
摘要：What is human nature? It is not the genes, which prescribe it, or culture, its ultimate product. Rather, human nature is something else for which we have only begun to find ready expression. It is the epigenetic rules, the hereditary regularities of mental development that bias cultural evolution in one direction as opposed to another, and thus connect the genes to culture... The search for human nature can be viewed as the archaeology of epigenetic rules. It is destined to be a vital part of ...
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作者：Farrell, Anne M.; Goh, Joshua O.; White, Brian J.
作者单位：University System of Ohio; Miami University; National Taiwan University; University of Texas System; University of Texas Austin
摘要：Managers may rely on emotional reactions to a setting to the detriment of economic considerations (System 1 processing), resulting in decisions that are costly for firms. While economic theory prescribes performance-based incentives to align goals and induce effort, psychology theory suggests that the salience of emotions is difficult to overcome without also inducing more deliberate consideration of both emotional and economic factors (System 2 processing). We link these perspectives by inves...
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作者：Bartov, Eli; Mohanram, Partha S.
作者单位：New York University; University of Toronto
摘要：Does the placement of a line item in the income statement matter to investors? The passage of Statement of Financial Accounting Standards (SFAS) No. 145 (Financial Accounting Standards Board [FASB] 2002) affords a quasi-experimental setting to answer this question, because pre-SFAS No. 145, gains/losses from early debt extinguishments were reported below the line, while post-SFAS No. 145, they were reported above the line. After controlling for other identified changes that occur during our sa...
