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作者：Muslu, Volkan; Rebello, Michael; Xu, Yexiao
作者单位：University of Houston System; University of Houston; University of Texas System; University of Texas Dallas
摘要：We document that a stock's price around a recommendation or forecast covaries with prices of other stocks the issuing analyst covers. The effect of shared analyst coverage on stock price comovement extends beyond analyst activity days. A stock's daily returns covary with the returns of other stocks with which it shares analyst coverage. These links between stock price comovement and shared analyst coverage are consistent with the coverage-specific information we find in earnings forecasts; ana...
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作者：Soltes, Eugene
作者单位：Harvard University
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作者：Hilary, Gilles; Hsu, Charles; Wang, Rencheng
作者单位：INSEAD Business School; Hong Kong University of Science & Technology; University of Queensland
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作者：Wang, Clare
作者单位：Northwestern University
摘要：This paper investigates whether accounting standards harmonization enhances the comparability of financial information across countries. I hypothesize that a firm yet to announce earnings reacts more strongly to the earnings announcement of a foreign firm when both report under the same rather than different accounting standards. My analysis of abnormal price reactions for a global sample of firms supports the prediction. Next, in an attempt to control for the underlying economic comparability...
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作者：Bischof, Jannis
作者单位：University of Mannheim
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作者：Gigler, Frank; Kanodia, Chandra; Sapra, Haresh; Venugopalan, Raghu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We develop a cost-benefit tradeoff that provides new insights into the frequency with which firms should be required to report the results of their operations to the capital market. The benefit to increasing the frequency of financial reporting is that it causes market prices to better deter investments in negative net present value projects. The cost of increased frequency is that it increases the probability of inducing managerial short-termism. We analyze the tradeoff between these costs an...
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作者：Minutti-Meza, Miguel
作者单位：University of Miami
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作者：Guedhami, Omrane; Pittman, Jeffrey A.; Saffar, Walid
作者单位：University of South Carolina System; University of South Carolina Columbia; Sungkyunkwan University (SKKU); Hong Kong Polytechnic University
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作者：Aier, Jagadison K.; Chen, Long; Pevzner, Mikhail
作者单位：George Mason University; University System of Maryland; University of Baltimore
摘要：Debtholders' demand has been widely discussed as a key determinant of conservatism but clear causal evidence is not yet established. Using a natural experiment setting, wherein a Delaware court ruled that the fiduciary duties of directors in near insolvent Delaware companies extend to creditors, we predict and find that firms subject to the ruling significantly increased their accounting conservatism. In addition, our results suggest that the increase in conservatism is more pronounced in near...
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作者：Flor, Christian Riis; Frimor, Hans; Munk, Claus
作者单位：University of Southern Denmark; Aarhus University; Copenhagen Business School
摘要：We derive the optimal compensation contract in a principal-agent setting in which outcome is used to provide incentives for both effort and risky investments. To motivate investment, optimal compensation entails rewards for high as well as low outcomes, and it is increasing at the mean outcome to motivate effort. If rewarding low outcomes is infeasible, compensation consisting of stocks and options is a near-efficient means of overcoming the manager's induced aversion to undertaking risky inve...
