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作者：Bens, DA; Nagar, V; Skinner, DJ; Wong, MHF
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：We investigate whether corporate executives' stock repurchase decisions are affected by their incentives to manage diluted earning per share (EPS). We find that executives increase the level of their firms' stock repurchases when: (1) the dilutive effect of outstanding employee stock options (ESOs) on diluted EPS increases, and (2) earnings are below the level required to achieve the desired rate of EPS growth. We also find that executives' repurchase decisions are not associated with actual E...
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作者：Brickley, JA
作者单位：University of Rochester
摘要：Engel/Hayes/Wang and Farrell/Whidbee provide new evidence on how firms weight alternative performance measures in making CEO retention and replacement decisions. While their results are statistically significant, firm performance continues to explain very little of the variation in CEO turnover. I argue we have probably reached a point of diminishing returns in estimating logit models that focus on the relation between CEO turnover and firm performance measures. We will have to consider other ...
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作者：Holthausen, RW
作者单位：University of Pennsylvania
摘要：Ball, Robin and Wu (Journal of Accounting and Economics, 2003, this issue) investigate the relationship between accounting standards and the structure of other institutions on the attributes of the financial reporting system. They find evidence consistent with the hypothesis that beyond accounting standards, the structure of other institutions, such as incentives of preparers and auditors, enforcement mechanisms and ownership structure affects the outcome of the financial reporting system. How...
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作者：Hirshleifer, D; Teoh, SH
作者单位：University System of Ohio; Ohio State University
摘要：This paper models firms' choices between alternative means of presenting information, and the effects of different presentations on market prices when investors have limited attention and processing power. In a market equilibrium with partially attentive investors, we examine the effects of alternative: levels of discretion in pro forma earnings disclosure, methods of accounting for employee option compensation, and degrees of aggregation in reporting. We derive empirical implications relating...
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作者：Hanlon, M; Rajgopal, S; Shevlin, T
作者单位：University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
摘要：We estimate the relation between stock option (ESO) grants to the top five executives and future earnings to examine whether incentive alignment or rent extraction by top managers explains option granting behavior. The future operating income associated with a dollar of Black-Scholes value of an ESO grant is $3.71. To understand the source of these positive payoffs, we parse out ESO grant values into components predicted by economic determinants of option grants, governance quality, and a resi...
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作者：Lo, K
作者单位：University of British Columbia
摘要：The 1992 revision of executive compensation disclosure rules in the U.S. could have benefited shareholders by inducing corporate governance improvements or harmed them by increasing disclosure costs. Consistent with the governance improvement hypothesis, companies that lobbied against the regulation had, relative to control firms: (i) return-on-assets and return-on-equity that improved by 0.5% and 3%, respectively; and (ii) excess stock returns of 6% over the 8-month period between the announc...
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作者：Core, JE; Guay, WR; Van Buskirk, A
作者单位：University of Pennsylvania
摘要：We find mixed support for the hypothesis that a New Economy subperiod occurred in the late 1990s in which the relation between equity value-and traditional financial variables differs from previous periods. We examine a regression model of equity value on financial variables over 25 years for a broad firm sample and for firm subsamples thought to be emblematic of the New Economy. We find the regression model's explanatory power declined in the New Economy subperiod for all firm subsamples. How...
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作者：Bushee, BJ; Matsumoto, DA; Miller, GS
作者单位：University of Pennsylvania; University of Washington; University of Washington Seattle; Harvard University
摘要：Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., open conference calls). Our evidence suggests that the decision to provide open calls is associated with the composition of a firm's investor base and, to some degree, the complexity of its financial information. We also find that open calls are associated with a greater inc...
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作者：Ittner, CD; Lambert, RA; Larcker, DF
作者单位：University of Pennsylvania
摘要：The paper examines the determinants and performance consequences of equity grants to senior-level executives, lower-level managers, and non-exempt employees of new economy firms. We find that the determinants of equity grants are significantly different in new versus old economy firms. We also find that employee retention objectives, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not subsequent grants. O...
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作者：Keating, EK; Lys, TZ; Magee, RP
作者单位：Northwestern University
摘要：During Spring 2000, the Internet Stock Index declined 45%. Using a sample of internet firms, this paper investigates whether this decline was associated with new disclosures, such as earnings, analyst forecast revisions, and web-traffic measures, or to a reassessment by investors of pre-existing information. We find only modest evidence that the decline was associated with new disclosures. However, returns and post decline stock prices are significantly explained by 1999 annual report data. Wh...
