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作者：Christensen, Dane M.; Jones, Keith L.; Kenchington, David G.
作者单位：University of Oregon; University of Kansas; Arizona State University; Arizona State University-Tempe
摘要：We investigate whether attitudes toward gambling help explain the occurrence of intentional misreporting. Similar to gambling, some financial reporting choices involve taking deliberate, speculative risks. We predict that in places where gambling is more socially acceptable, managers will be more likely to take financial reporting risks that increase the likelihood the financial statements will need to be restated. To test this prediction, we exploit geographic variation in local gambling atti...
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作者：Dikolli, Shane S.; Diser, Viktoria; Hofmann, Christian; Pfeiffer, Thomas
作者单位：Duke University; University of Munich; University of Vienna
摘要：We model relative performance evaluation (RPE) when a Chief Executive Officer (CEO) has the power to opportunistically influence the design of RPE by choosing the weight on an index-based peer group or by customizing the selection of peers comprising a peer group. A powerful CEO compares the benefits of reducing common risk affecting his compensation with the benefits of receiving a higher bonus by economizing on expected peer-group performance. As a consequence, the Board of Directors (BoD) i...
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作者：Duan, Ying; Hotchkiss, Edith S.; Jiao, Yawen
作者单位：Simon Fraser University; Boston College
摘要：This article examines whether ties to portfolio firms' management via pension business relationships provide mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms' employee pension plans. Selling by related funds is more likely to be motivated by an information advantage than their buying, because the latter is heavily influenced by the desire to secure pension inflows. We find that stocks with larger net sales ...
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作者：Chiu, Tzu-Ting; Guan, Yuyan; Kim, Jeong-Bon
作者单位：Norwegian School of Economics (NHH); City University of Hong Kong; University of Waterloo
摘要：This study examines the relation between narrative risk disclosures in mandatory reports and the pricing of credit risk. In particular, we investigate whether and how the Securities and Exchange Commission (SEC) mandate of risk factor disclosures (RFDs) affects credit default swap (CDS) spreads. Based on the theory of Duffie and Lando (2001), we predict and find that CDS spreads decrease significantly after RFDs are made available in 10-K/10-Q filings. These results suggest that RFDs improve i...
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作者：Patrick, Paige H.
作者单位：University of Washington; University of Washington Seattle
摘要：Many view large payments following mergers or acquisitions as excessive and evidence of rent extraction. Using additional disclosures required by the SEC since 2006, I hand-collect details of preexisting change in control (CIC) provisions in employment agreements and CIC benefits granted to target CEOs during mergers. I find that CIC benefits are renegotiated in approximately 50 percent of my sample. I then investigate whether renegotiation of CIC benefits tends to be opportunistic, or, instea...
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作者：Goldie, Bradley A.; Li, Lei; Masli, Adi
作者单位：University of Miami; University of Kansas
摘要：We study the influence of perceived auditor quality on investment decisions by bond mutual fund investors. Audits of bond mutual funds require significant auditor expertise. Fund managers estimate daily the fair market values of holdings that are often opaque and illiquid. Managers can use their discretion to manipulate their fund's performance results. While it is known that investment flows into funds that report good past performance, little evidence exists about whether investors' confiden...
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作者：Bova, Francesco; Yang, Liyan
作者单位：University of Toronto; Peking University
摘要：We develop a mixed-duopoly model in which a private firm competes against a state-owned enterprise (SOE) who cares about social welfare and is privately informed about market demand. When the SOE's social concerns are sufficiently important and when the market competitiveness is sufficiently low, the SOE commits to fully disclose its private information. Otherwise, the SOE commits to withhold its private information. When the disclosure equilibrium prevails, the private firm can be more profit...
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作者：Chang, Hsihui; Chen, Jengfang; Hsu, Shu-Wei; Mashruwala, Raj
作者单位：Drexel University; Macquarie University; Tunghai University; University of Calgary
摘要：Recent work in the supply chain literature suggests that the variance in orders placed with suppliers will be larger than that of sales to buyers. This distortion in demand information increases as it is passed along the supply chain from customers to upstream suppliers and has been referred to as the bullwhip effect. In this paper, we argue that the bullwhip effect reduces the ability of order backlog to predict future sales and earnings for upstream suppliers. Results obtained from our empir...
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作者：Chen, Feng; Hope, Ole-Kristian; Li, Qingyuan; Wang, Xin
作者单位：University of Toronto; BI Norwegian Business School; Wuhan University; University of Hong Kong
摘要：We examine whether international equity mutual fund managers shift their portfolios toward stocks with higher financial reporting quality (FRQ) during periods of high political uncertainty. Our study is motivated by two primary factors. First, prior research shows evidence of fund managers' flight to quality (e.g., to less risky securities) during periods of uncertainty. Second, recent theoretical research concludes that stocks with higher FRQ are assessed as less sensitive to systematic risk ...
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作者：Johnson, Nicole Bastian; Loeffler, Clemens; Pfeiffer, Thomas
作者单位：University of Oregon; Vienna University of Economics & Business; University of Vienna
摘要：We investigate a transfer pricing problem between two divisions within a decentralized firm. An upstream division produces an intermediate good that is used by another division within the firm and is also sold in an external market, where the firm competes with a rival selling a differentiated substitute product. Assuming that headquarters has imperfect information about the upstream division's private information and that communication is restricted, we identify conditions under which the fir...
