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作者：Ferracuti, Elia
作者单位：Duke University
摘要：This paper investigates how information uncertainty, measured through variation in the informativeness of the public information environment, shapes the organizational design choices of firms. I posit that, when faced with higher uncertainty about demand and supply, managers are more likely to establish links to customer/supplier industries through high-level hiring decisions and vertical integration, thereby facilitating access to information about these industries. Consistent with this hypot...
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作者：He, Eric; Jacob, Martin; Vashishtha, Rahul; Venkatachalam, Mohan
作者单位：Duke University; WHU - Otto Beisheim School of Management; Duke University
摘要：Pressure from short-horizon investors can hurt investments in innovative, long-run value-increasing projects. We explore the efficacy of a commonly proposed tax-based policy tool to mitigate this problem: the imposition of differentially greater taxes on short-term capital gains vis-a-vis long-term capital gains. Using a panel of 30 OECD countries in which seven countries exhibit 21 changes to differential capital gains taxation over 1991-2006, we find that rewarding longer-term ownership thro...
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作者：Davidson, Robert H.
作者单位：Virginia Polytechnic Institute & State University
摘要：In within-firm analysis of 1,805 executives, executives implicated in financial reporting fraud cases have significantly stronger equity incentives than their within-firm peers who are not implicated in the fraud. Executives implicated in fraud cases also have significantly stronger equity incentives than executives at non-fraud firms in similar roles. However, the equity incentives of non-implicated executives at fraud firms are no different than those for executives at non-fraud firms. The r...
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作者：Penman, Stephen; Zhu, Julie
作者单位：Columbia University; Bocconi University; Fudan University
摘要：This paper recasts the consumption asset pricing model in terms of accounting numbers that connect to consumption and the risk to consumption under accounting principles. The modeling yields an expected return measure that forecasts realized returns and the risk to those returns. It leads to the construction of a pricing factor from the accounting infor-mation. The factor performs well relative to extant factors in explaining cross-sectional returns. The factor return has negative correlation ...
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作者：Gopalan, Yadav
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：I examine how banks change their risk management practices in response to the private disclosure of regulatory ratings that summarize bank risk-taking. Upon ratings disclosure, affected banks increase the timeliness of their loan loss provisioning. These effects are concentrated among banks that lie below key rating thresholds and those headquartered in states with low competition. After ratings disclosure, deficient banks decrease commercial lending while shifting assets into cash. Overall, m...
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作者：Yue, Heng; Zhang, Liandong; Zhong, Qinlin
作者单位：Singapore Management University; Fudan University
摘要：The distribution of power in the political system shapes the financial reporting opacity of banks. Specifically, banks located in states with senators on the Senate Banking Committee (BC senators) have greater abnormal loan loss provisions than banks in other states. The result is stronger for larger banks and banks with higher risk. In addition, BC senators have a negative effect on the likelihood of banks in their home states receiving enforcement actions, and, more importantly, this effect ...
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作者：De Simone, Lisa; Klassen, Kenneth J.; Seidman, Jeri K.
作者单位：University of Texas System; University of Texas Austin; University of Waterloo; University of Virginia
摘要：We investigate whether international income-shifting aggressiveness affects local in-vestments. Amid heightened scrutiny of international activities by tax authorities, firms can support income-shifting goals by locating investments consistent with reported in-come. As a consequence, we predict firms that aggressively shift income will make affiliate-level investment decisions less influenced by local investment opportunities than firms that do not aggressively shift income. We use affiliate-l...
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作者：Xiong, Yan; Jiang, Xu
作者单位：Hong Kong University of Science & Technology; Duke University
摘要：We analytically study the economic consequences of the disclosure of managerial compensation contracts in a setting where two firms, by designing compensation contracts for their respective managers, compete for a new investment opportunity. Each manager is privately informed about her firm's profitability from this investment. We find that the disclosure leads to firms' emphasizing short-term stock performance in their managers' contracts. This, in turn, induces managers to signal favorable p...
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作者：Core, John E.; deHaan, Ed; Guay, Wayne; Hanlon, Michelle; Lang, Mark; Wu, Joanna
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作者：Minnis, Michael
作者单位：University of Chicago
摘要：One of the most significant capital market developments over the last two decades has been the growth of private capital markets-markets that raise capital outside of publicly traded venues and can face substantially less mandated public financial reporting. Un-derstanding the causes and consequences of the relative growth of private capital markets is a first order research question. As private capital markets have grown, interest in regulating and researching private markets has increased. R...
