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作者：Aranda, Carmen; Arellano, Javier; Davila, Antonio
作者单位：University of Navarra; University of Navarra; IESE Business School
摘要：Managers use a variety of information to set performance targets. Using data from 376 branches of a large travel retailer over five years, this study documents supervisors considering the relative performance of comparable units in target setting, which we term relative target setting (RTS). We find evidence of RTS after controlling for individual past performance in the form of ratcheting. Our findings also indicate that RTS partially shapes the use of other information on past performance. S...
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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...
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作者：Indjejikian, Raffi J.; Matejka, Michal; Schloetzer, Jason D.
作者单位：University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe; Georgetown University
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作者：Barron, Orie E.; Qu, Hong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper examines the ex ante effects of public information quality on market prices and how such effects vary with information asymmetry among traders in a two-period experimental market. We vary public information quality by changing its precision and information asymmetry among traders by varying the distribution of private signals. We find high-quality public disclosure leads to increased price efficiency and decreased cost of capital in the pre-announcement period when information asymm...
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作者：Jollineau, S. Jane; Tanlu, Lloyd J.; Winn, Amanda
作者单位：University of San Diego; University of Washington; University of Washington Seattle
摘要：Regulators and the financial press have criticized credit rating agencies (CRAs) for exacerbating the financial crisis by providing overly optimistic debt ratings. Allegedly, CRAs departed from their quantitative models in order to please security issuers with higher credit ratings. In response, the Dodd-Frank Act of 2010 required the Securities and Exchange Commission to conduct a study on alternative models for compensating CRAs. We conduct an experiment exploring how the credit ratings of M...
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作者：Kirk, Marcus P.; Vincent, James D.
作者单位：State University System of Florida; University of Florida
摘要：This paper investigates the effect of investments in internal investor relations (IR) departments on firm outcomes. We find that companies initiating internal professional IR experience increases in disclosure, analyst following, institutional investor ownership, liquidity, and market valuation relative to a matched sample of control firms. We also examine the differential impact the exogenous shock of Regulation Fair Disclosure (Reg FD) had on firms with an established professional IR departm...
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作者：Hong, Hyun A.; Hung, Mingyi; Lobo, Gerald J.
作者单位：University of California System; University of California Riverside; Hong Kong University of Science & Technology; University of Southern California; University of Houston System; University of Houston
摘要：This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following mandatory IFRS adoption. We also find that mandatory IFRS adoption has a greater impact on IPO underpricing and relative foreign proceeds for firms in countries with a larger number of accounting chang...
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作者：Indjejikian, Raffi J.; Matejka, Michal; Merchant, Kenneth A.; Van der Stede, Wim A.
作者单位：University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe; University of Southern California; University of London; London School Economics & Political Science
摘要：We examine the extent to which firms use past performance as a basis for setting earnings targets in their bonus plans and assess the implications of such targets for managerial incentives. We find that high-profitability firms commonly decrease earnings targets when their managers fail to meet prior-year targets but rarely increase targets. Conversely, we find that low-profitability firms commonly increase earnings targets when their managers meet or exceed prior-year targets but rarely decre...
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作者：Arya, Anil; Mittendorf, Brian G.
作者单位：University System of Ohio; Ohio State University
