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作者：Bell, TB; Landsman, WR; Miller, BL; Yeh, S
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Los Angeles; National Taiwan University
摘要：We use the Ohlson (1995, 1999) and Feltham and Ohlson (1999) valuation models to investigate the market's perception of the economic effect of employee stock options (ESOs) on firm value for a sample of 85 profitable computer software companies. Our results suggest that the market appears to value these firms' ESO expense not as an expense but as an intangible asset (even after controlling for the endogeneity bias arising from the mechanical relation between ESOs and the underlying stock price...
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作者：Indjejikian, RJ; Nanda, D
作者单位：University of Michigan System; University of Michigan; Duke University
摘要：We provide evidence that CEOs' and lower-level business unit executives' target bonuses are negatively associated with a proxy for measurement noise in accounting-based performance measures, and positively associated with proxies for firms' growth opportunities and the extent of executives' decision-making authority. Non-CEO executives' target bonuses are also positively associated with their CEO's target bonus. In addition, we compare executives' actual and target bonuses over two consecutive...
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作者：Beneish, MD; Vargus, ME
作者单位：Indiana University System; Indiana University Bloomington; University of Texas System; University of Texas Dallas
摘要：This paper investigates whether insider trading is informative about earnings quality and the valuation implications of accruals. We show that (1) the one-year-ahead persistence of income-increasing accruals is significantly lower when accompanied by abnormal insider selling and greater when accompanied by abnormal insider buying; (2) the accrual mispricing phenomenon observed in previous work (e.g., Sloan 1996) is due to the mispricing of income-increasing accruals; (3) one-year-ahead hedge r...
