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作者：Barth, Mary E.; So, Eric C.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This study seeks to determine whether earnings announcements pose non-diversifiable volatility risk that commands a risk premium. We find that investors anticipate some earnings announcements to convey news that increases market return volatility and pay a premium to hedge this non-diversifiable risk. In particular, we find evidence of risk premiums embedded in prices of firms' traded options that are significantly positively associated with the extent to which the firms' earnings announcement...
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作者：Cadman, Brian; Sunder, Jayanthi
作者单位：Utah System of Higher Education; University of Utah; University of Arizona
摘要：We examine the relation between shareholder investment horizon and chief executive officer (CEO) horizon incentives derived from compensation contracts. We find that influential incumbent shareholders provide managers with short-horizon incentives to maximize current firm value when these shareholders plan to sell their stock. Specifically, we use the initial public offering (IPO) setting in which venture capitalists (VCs) represent short-horizon, controlling investors with strong selling ince...
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作者：Banker, Rajiv D.; Byzalov, Dmitri; Plehn-Dujowich, Jose M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Saint Mary's College of California
摘要：We investigate analytically and empirically the relationship between demand uncertainty and cost behavior. We argue that with more uncertain demand, unusually high realizations of demand become more likely. Accordingly, firms will choose a higher capacity of fixed inputs when uncertainty increases in order to reduce congestion costs. Higher capacity levels imply a more rigid short-run cost structure with higher fixed and lower variable costs. We formalize this counterintuitive argument in a si...
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作者：Choi, Jongwoon (Willie)
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Employers often rely on informal controls such as trust to motivate organizationally desirable behaviors from their workers by appealing to the latter's reciprocity. Notably, trust and reciprocity can promote a gift exchange between employers and workers. Using an experiment, I investigate whether labor market competition moderates the emergence of a gift exchange in labor markets in which signing bonus offers serve as a potential signal of trust and the duration of the employment relationship...
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作者：Kimbrough, Michael D.; Wang, Isabel Yanyan
作者单位：University System of Maryland; University of Maryland College Park; Michigan State University
摘要：Seemingly self-serving attributions either attribute favorable performance to internal causes (enhancing attributions) or poor performance to external causes (defensive attributions). Managers presumably provide such attributions in earnings press releases to heighten (dampen) investors' perceptions of the persistence of good (bad) earnings news, thereby increasing (decreasing) the market reward (penalty) for good (bad) earnings news. Building on attribution theory and prior research on earnin...
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作者：Arya, Anil; Mittendorf, Brian; Yoon, Dae-Hee
作者单位：University System of Ohio; Ohio State University; Yonsei University
摘要：The textbook make-or-buy decision is typically described as choosing the cheaper of the two sourcing options. However, research in accounting has consistently demonstrated that strategic and informational considerations often complicate such seemingly straightforward criteria. In a similar vein, this paper shows that when a firm becomes privy to accounting information pertaining to its profitability, its sourcing choice has powerful informational reverberations. This is because input procureme...
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作者：Hoi, Chun Keung; Wu, Qiang; Zhang, Hao
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Huang, Allen H.; Zang, Amy Y.; Zheng, Rong
作者单位：Hong Kong University of Science & Technology
摘要：We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we find that investors react more strongly to negative than to positive text, suggesting that analysts are especially important in propagating bad news. Additional evidence indicates that analyst report te...
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作者：Norris, Floyd
