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作者：Drake, Katharine D.; Engel, Ellen; Martin, Melissa A.
作者单位：University of Arizona
摘要：We investigate how boards incorporate private information about managerial performance in compensation and turnover decisions. Building from the literature documenting that loss firms' publicly available valuation allowance (VA) disclosures contain value-relevant private information, we show that the decision of whether to record a VA also captures contract-relevant private information. We develop an approach to extract a private, firm-specific, time-varying signal of managerial performance by...
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作者：Lewellen, Christina M.
作者单位：North Carolina State University
摘要：A widespread perception exists that tax havens facilitate corporate opacity. This study provides new evidence on the association between tax havens and the transparency of firm financial reporting using a unique group of firms whose parent companies are incorporated in tax havens but whose headquarters or primary operations-that is, their base-are in nonhaven countries. While most research suggests a negative association between tax havens and transparency, I examine whether this association d...
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作者：Jost, Peter-J
作者单位：WHU - Otto Beisheim School of Management
摘要：This paper studies the effect of timing and commitment of verification in a principal-agent relationship with moral hazard. To acquire additional information about the agent's behavior, the principal possesses a costly technology that produces a noisy signal about the agent's effort choice. The precision of this signal is affected by the principal's verification effort. Two verification procedures are discussed: monitoring where the principal verifies the agent's behavior simultaneously with h...
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作者：Kapons, Martin; Kelly, Peter; Stoumbos, Robert; Zambrana, Rafael
作者单位：University of Amsterdam; University of Notre Dame; ESSEC Business School
摘要：We find evidence that investors value dividends differently depending on their level of trust. Our tests indicate that investor demand for dividend-paying stocks increases as trust decreases, and that this relationship affects market values. We begin with survey evidence showing that people think accounting fraud is less likely among dividend payers and that people with low trust are more likely to hold dividend-paying stocks. We then empirically exploit accounting fraud discoveries within a m...
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作者：Aharoni, Gil; Lim, Bryan; Litov, Lubomir P.; Neyland, Jordan B.
作者单位：University of Melbourne; University of Oklahoma System; University of Oklahoma - Norman; George Mason University
摘要：Expert advice is presumed to be more valuable, but, when the expert has a conflict of interest, overcoming that conflict is difficult. We examine the performance of acquirers who hire an adviser that employs an expert-a star analyst-who covers the target and show that such star-crossed acquirers fare worse than other acquirers along multiple dimensions, including lower announcement returns and higher subsequent goodwill impairments. We consider various explanations for these outcomes, and the ...
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作者：Lennox, Clive S.; Schmidt, Jaime J.; Thompson, Anne M.
作者单位：University of Southern California; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Standard-setters worldwide have passed new audit reporting requirements aimed at making audit reports more informative to investors. In the UK, the new standard expands the audit reporting model by requiring auditors to disclose the risks of material misstatement (RMMs) that had the greatest effect on the financial statement audit. Using short window tests, prior research indicates that these disclosures are not incrementally informative to investors (Gutierrez et al. in Review of Accounting S...
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作者：Pope, Peter F.; Wang, Tong
作者单位：Bocconi University; Bocconi University; Barclays
摘要：The range of non-EPS forecast types provided by individual analysts to I/B/E/S has increased dramatically over time but varies considerably across firms. We propose that in providing a broader range of forecast types, analysts can signal superior research ability and research effort. Consistent with this hypothesis, we document positive associations between the number of forecast types (NFT) an analyst provides and common proxies for research quality, including earnings forecast accuracy, pric...
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作者：Gu, Feng; Lev, Baruch; Zhu, Chenqi
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; New York University; University of California System; University of California Irvine
摘要：We examine the value relevance of accounting-driven losses that result from the immediate expensing of firms' internally generated intangible investments versus losses occurring irrespective of intangible investments. Contrary to the long-held view that losses are less relevant than profits for valuation, we find that once the accounting bias of intangibles-expensing is undone, earnings of firms reporting intangibles-driven losses are as informative as earnings of profitable firms. Furthermore...
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作者：Hofmann, Christian; Huddart, Steven; Pfeiffer, Thomas
作者单位：University of Munich; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Vienna
摘要：Options, restricted stock, bonuses tied to total shareholder return, and similar equity-based compensation contracts stipulate payments that depend on stock price. Any such contract is a function of shareholder value net of the compensation payment, because stock price (1) is proportional to this net value or net outcome and (2) anticipates compensation-related payments and dilution. The net outcome, in turn, is reduced by the payment and so depends on the contract. Standard moral hazard analy...
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作者：Harris, Erica E.; Neely, Daniel G.; Saxton, Gregory D.
作者单位：State University System of Florida; Florida International University; University of Wisconsin System; University of Wisconsin Milwaukee; York University - Canada
摘要：Social media outlets provide nonprofit organizations the opportunity of opening new communication and disclosure channels. Organizations must decide whether to set up these channels. They-and in turn their target audiences-must also decide how much to use social media. In this study, we test a novel multi-level signaling theory framework to examine the relationship between social media investments and financial returns. Employing both cross-sectional and cross-temporal samples of 427 of the la...
