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作者：Upton, Wayne S.
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作者：Dou, Yiwei; Hope, Ole-Kristian; Thomas, Wayne B.
作者单位：New York University; University of Toronto; University of Oklahoma System; University of Oklahoma - Norman
摘要：Contracting parties, such as the firm and its supplier, have cost-reducing incentives to make investments that support the unique transactions between them. However, to the extent that one party may renege on its contractual obligations, the other party incurring the cost of the relationship-specific investment bears additional risk and is less willing to invest such that sub-optimal investment occurs. In countries where enforceability of explicit contracts is particularly weak, parties have i...
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作者：Kim, Yongtae; Li, Siqi; Pan, Carrie; Zuo, Luo
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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：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：Li, Edward Xuejun
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Extant research on voluntary disclosure about future prospects has focused on two forward-looking disclosure mechanisms: management forecasts and conference calls. This study examines the accelerated filing of material contracts as another type of future-related disclosure that involves no forecasting. I find that firms are more likely to accelerate material contract filings when forward-looking disclosures could lack credibility or arouse litigation concerns. However, for proprietary cost con...
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作者：Cheng, Qiang; Luo, Ting; Yue, Heng
作者单位：Singapore Management University; Tsinghua University; Peking University
摘要：Managers have great discretion in determining forecast characteristics, but little is known about how managerial incentives affect these characteristics. This paper examines whether managers strategically choose forecast precision for self-serving purposes. Building on the prior finding that the market reaction to vague forecasts is weaker than its reaction to precise forecasts, we find that for management forecasts disclosed before insider sales, more positive (negative) news forecasts are mo...
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作者：Hofmann, Christian; Rothenberg, Naomi R.
作者单位：University of Munich; University of Alberta
摘要：This study investigates whether having an upstream or downstream agent privately observe an interim performance measure and disseminating this measure to the other agent is valuable to the principal. The signal is informative about the upstream agent's action and positively correlated with output. If the upstream agent privately observes the signal, then there can be a higher cost of the downstream agent if the signal is sufficiently forward-looking. If the downstream agent privately observes ...
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作者：Carcello, Joseph V.; Li, Chan
作者单位：University of Tennessee System; University of Tennessee Knoxville; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper investigates the effects on audit quality and audit fees of requiring the engagement partner to sign the audit report in the United Kingdom (U. K.). The effect of requiring the engagement partner to sign the audit report is timely since the Public Company Accounting Oversight Board (PCAOB) is considering mandating a similar requirement in the United States (U. S.). In the first year after the introduction of the signature requirement, we find a significant decline in abnormal accrua...
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作者：Thornock, Jacob
作者单位：University of Washington; University of Washington Seattle
摘要：This study examines the effects of dividend taxation on the primary parties involved in a short sale: the lender of the stock and the short seller. For stock lenders, dividend taxation is associated with a decrease in the supply of shortable shares and an increase in equity lending fees around the dividend record date. For short sellers, potential reimbursement costs are associated with a significant decrease in short volume before the ex-dividend date followed by a significant increase after ...
