作者：Banker, RD; Potter, G; Srinivasan, D
作者单位：University of Texas System; University of Texas Dallas; Cornell University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Recent studies report an increasing use of nonfinancial measures such as product quality, customer satisfaction, and market share in performance measurement and compensation systems. A growing literature suggests that because current nonfinancial measures are better predictors of long-term financial performance than current financial measures, they help refocus managers on the long-term aspects of their actions. However, little empirical evidence is available on the relation between nonfinanci...
作者：Bartov, E; Radhakrishnan, S; Krinsky, I
作者单位：New York University; University of Texas System; University of Texas Dallas; McMaster University
摘要：This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the proportion of firm shares held by institutional investors, a variable used by prior research to proxy for investor sophistication. Our findings show that the institutional holdings variable is negatively correlated with the observed post-announcement abnormal returns. Our findings also show that traditional proxies for transaction costs (i.e., trading volume, stock price) a...
