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作者：Kachelmeier, SJ; Shehata, M
作者单位：McMaster University; United Arab Emirates University
摘要：Firms expend costly resources on audit-based monitoring schemes to improve interdivisional coordination, This study investigates the premise that the effectiveness of and demand for audit-based monitoring may be sensitive to societal factors, Data from a between-subjects experiment involving 60 compensated groups of four (a total of 240 subjects) indicates an interaction between the experiment's two factors: (1) country (20 groups conducted in Canada, 20 in Hong Kong and 20 in the People's Rep...
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作者：Rankine, GW; Stice, EK
作者单位：Hong Kong University of Science & Technology
摘要：Stock dividends which increase outstanding shares by less than 25 percent require a transfer from retained earnings of the market value of the new shares, a much larger transfer than that required for stock dividends of 25 percent or more. Choosing a distribution factor near, but below, 25 percent may be an indication of management optimism that future income will replenish retained earnings, avoiding constraints on future cash distributions. In this study, firms declaring 20 percent and 25 pe...
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作者：Hunton, JE; McEwen, RA
作者单位：Virginia Commonwealth University
摘要：Prior research indicates that analysts' forecasts of earnings tend to be optimistic. Analysts' optimism may be attributed to experience, cognitive information search strategies, motivational incentives or some combination thereof. In this study, we conduct an experiment that uses a computerized eye-movement retinal imaging system to capture the cognitive search strategy of 60 professional financial analysts. We find that, within the experiment, more accurate analysts employ a directive informa...
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作者：Liu, CC; Ryan, SG; Wahlen, JM
作者单位：New York University; University of North Carolina; University of North Carolina Chapel Hill
摘要：Prior research has found that loan loss provisions are positively associated with bank stock returns and future cash flows, conditional on less discretionary information about loan default. We find that these positive valuation implications obtain only for loan loss provisions for low regulatory capital ban ks in the fourth fiscal quarter. Our regulatory capital-based tests are motivated by the idea that increased discretionary loan loss provisions are plausibly good news only for banks which ...
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作者：Ittner, CD; Larcker, DF; Rajan, MV
摘要：This paper examines the factors influencing the relative weights placed on financial and non-financial performance measures in CEO bonus contracts. We find that the use of non-financial measures increases with the level of regulation, the extent to which the firm follows an innovation-oriented strategy, the adoption of strategic quality initiatives, and the noise in financial measures. We find no evidence that the choice of performance measures in bonus contracts is associated with the level o...
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作者：Langenderfer, HQ
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作者：Burgstahler, DC; Dichev, ID
作者单位：University of Michigan System; University of Michigan
摘要：This paper develops and tests an option-style valuation model, whose main prediction is that equity value is a convex function of both earnings and book value, where the function depends on the relative values of earnings and book value. Earnings provides a measure of how the firm's resources are currently used. Book value provides a measure of the value of the firm's resources, independent of how the resources are currently used. When the ratio earnings/book value is high, the firm is likely ...
