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作者：Kecskes, Ambrus; Mansi, Sattar A.; Zhang, Andrew (Jianzhong)
作者单位：Virginia Polytechnic Institute & State University; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：We examine whether short sellers in the equity market provide valuable information to investors in the bond market. Using a sample of publicly traded bond data covering the period from 1988 to 2011, we find that firms with high short interest have lower credit ratings and are more likely to have their ratings downgraded. We also find that firms with highly shorted stocks are associated with higher bond yield spreads (about 24 basis points). Evidence of causality from short interest spikes and ...
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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：Chen, Zhihong; Ke, Bin; Yang, Zhifeng
作者单位：City University of Hong Kong; Nanyang Technological University
摘要：Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions helps to reduce value-decreasing corporate decisions for firms domiciled in weak investor protection countries. We find that the regulation deters management from submitting value-decreasing equity offering proposals in firms with higher mutual fund ownership...
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作者：Joos, Philip P. M.; Leung, Edith
作者单位：Tilburg University
摘要：This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about great...
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作者：Khan, Mozaffar; Lu, Hai
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Toronto
摘要：We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior to large insider sales, but not prior to small insider sales. We examine a number of explanations that the increase in short sales is driven by public information, either about the firm or about the impending insider sale. The evi...
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作者：Davidson, Bruce I.; Stevens, Douglas E.
作者单位：Old Dominion University; State University System of Florida; Florida State University; University of Glasgow
摘要：Policy makers and corporations have recently emphasized a code of ethics as an effective aspect of corporate governance. The corporate governance literature in accounting, however, provides little empirical or theoretical support for this emphasis. We address this gap between public policy and the literature by studying the effectiveness of a code of ethics in an experimental setting. Using Bicchieri's (2006) model of social norm activation, we predict that a code of ethics will improve manage...
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作者：Naiker, Vic; Navissi, Farshid; Cameron Truong
作者单位：Monash University
摘要：This study examines how options trading affects the rate of return expected by investors, i.e., the implied cost of equity capital. Our cross-sectional analysis suggests that firms with listed options have lower implied cost of equity capital than firms without listed options, while the results from our temporal difference-in-differences analysis suggest that firms with listed options experience a significant decrease in their implied cost of equity capital relative to a matched sample of firm...
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作者：Doupnik, Timothy S.
作者单位：University of South Carolina System; University of South Carolina Columbia
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作者：Presslee, Adam; Vance, Thomas W.; Webb, R. Alan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Illinois System; University of Illinois Urbana-Champaign; University of Waterloo
摘要：The use of tangible rewards in the form of non-cash incentives with a monetary value has become increasingly common in many organizations (Peltier et al. 2005). Despite their use, the behavioral and performance effects of tangible rewards have received minimal research attention. Relative to cash rewards, we predict tangible rewards will have positive effects on goal commitment and performance but will lead employees to set easier goals, which will negatively affect performance. The overall pe...
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作者：Chen, Chen; Young, Danqing; Zhuang, Zili
作者单位：University of Auckland; Chinese University of Hong Kong
摘要：This study examines the externalities of mandatory IFRS adoption on firms' investment efficiency in 17 European countries. We use the ROA difference between the firm and its peers to proxy for the information on the peers' investment performance. We find that the spillover effect of a firm's ROA difference versus its foreign peers, but not domestic peers, on the firm's investment efficiency increases after IFRS adoption. We also find that increased disclosure by both foreign and domestic peers...
