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作者：Mayew, William J.
作者单位：Duke University
摘要：This paper considers the potential for public information disclosures to complement the existing private information of financial analysts. In such a setting, analysts allowed to participate during earnings conference calls by asking questions receive public signals that can facilitate the generation of new and valuable private information for the asking analyst. Realizing these public signals are valuable for the asking analyst, managers can use their discretion to discriminate among analysts...
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作者：Laux, Volker
作者单位：University of Texas System; University of Texas Austin
摘要：This paper analyzes how board independence affects the CEO's ability to extract rents from the firm. The CEO is assumed to possess private information about his ability, which the board needs in order to decide whether to replace him. If the board is more active in removing low quality CEOs, the incumbent is better able to use his information advantage to extract rents. Since the board cannot commit not to renegotiate the contract, a board that is fully independent from the CEO is more active ...
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作者：Eberhart, Allan; Maxwell, William; Siddique, Akhtar
作者单位：Georgetown University; University of Arizona
摘要：Many previous studies document a positive relation between research and development (R&D) and equity value. Though R&D can increase equity value by increasing firm value, it can also increase equity value at the expense of bondholder wealth through an increase in firm risk because equity is analogous to a call option on the underlying firm value. Shi [2003] tests this hypothesis by examining the relation between a firm's R&D intensity and its bond ratings and risk premiums at issuance. His res...
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作者：Sprinkle, Geoffrey B.
作者单位：Indiana University System; Indiana University Bloomington
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作者：Bergman, Nittai K.; Roychowdhury, Sugata
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper investigates how firms react strategically to investor sentiment via their disclosure policies in an attempt to influence the sentiment-induced biases in expectations. Proxying for sentiment using the Michigan Consumer Confidence Index, we show that during low-sentiment periods, managers increase forecasts to walk up current estimates of future earnings over long horizons. In contrast, during periods of high sentiment, managers reduce their long-horizon forecasting activity. Further...
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作者：Jayaraman, Sudarshan
作者单位：Washington University (WUSTL)
摘要：I examine whether earnings that are smoother or more volatile than cash flows provide or garble information. Consistent with theories that predict more informed trading when public information is less informative, I find that bid-ask spreads and the probability of informed trading are higher both when earnings are smoother than cash flows and also when earnings are more volatile than cash flows. Additional tests suggest that managers' discretionary choices that lead to smoother or more volatil...
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作者：Plantin, Guillaume; Sapra, Haresh; Shin, Hyun Song
作者单位：University of London; London Business School; University of Chicago; Princeton University
摘要：Financial institutions have been at the forefront of the debate on the controversial shift in international standards from historical cost accounting to mark-to-market accounting. We show that the trade-offs at stake in this debate are far from one-sided. While the historical cost regime leads to some inefficiencies, marking-to-market may lead to other types of inefficiencies by injecting artificial risk that degrades the information value of prices, and induces suboptimal real decisions. We c...
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作者：Clor-Proell, Shana; Nelson, Mark W.
作者单位：Cornell University
摘要：This paper examines interpretation of accounting standards that provide implementation guidance via affirmative or counter examples. Based on prior psychology research, we predict that practitioners engage in example-based reasoning such that they are more likely to conclude that their case qualifies for the same treatment as the example. We test our predictions in two experiments in which participants judge the appropriateness of income-statement recognition. Experiment 1 uses Masters of Busi...
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作者：Baiman, Stanley; Fischer, Paul; Rajan, Madhav V.; Saouma, Richard
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; University of California System; University of California Los Angeles
摘要：There is growing interest in the use of markets within firms. Proponents have noted that markets are a simple and efficient mechanism for allocating resources in economies in which information is dispersed. In contrast to the use of markets in the broader economy, the efficiency of an internal market is determined in large part by the endogenous contractual incentives provided to the participating, privately informed agents. In this paper, we study the optimal design of managerial incentives w...
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作者：Jagolinzer, Alan D.; Matsunaga, Steven R.; Yeung, P. Eric
作者单位：Stanford University; University of Oregon; University System of Georgia; University of Georgia
摘要：This study examines firm performance surrounding insiders' prepaid variable forward ( PVF) transactions to infer insiders' information when they enter these off- market contracts. PVFs allow insiders to hedge downside risk, share performance gains, and obtain immediate large- sum cash payments for investment or consumption. On average, PVF transactions cover 30% of a sample insider's firm- specific wealth ($ 22 million), which is substantially larger than a typical open- market sale. PVFs syst...
