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作者：Young, Steven; Yang, Jing
作者单位：Lancaster University
摘要：We examine the link between firms' stock repurchase activity and the presence of earnings per share (EPS) performance conditions in executive compensation contracts. Findings reveal a strong positive association between repurchases and EPS-contingent compensation arrangements. Further analysis suggests net benefits to shareholders from this association. Specifically, repurchasers experience larger increases in total payouts; the positive association between repurchases and cash performance is ...
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作者：Mastilak, M. Christian
作者单位：University System of Ohio; Xavier University
摘要：Managers must understand relations among costs in order to make decisions. Prior literature assumes managers' use of cost accounting system output is affected by the information coming from the system, but not by the design of the cost system itself. This study examines how the classification of costs into cost pools affects the accuracy of individuals' understanding of relations among costs. I hypothesize that individuals will estimate relations between costs in the same cost pool first and t...
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作者：Kaplan, Robert S.
作者单位：Harvard University
摘要：Recent accounting scholarship has used statistical analyses on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard-setters, and financial analysts and how managers make accounting choices. But as accounting scholars have focused on understanding how markets and users process accounting data, they have distanced themselves from the accounting process itsel...
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作者：Brown, Jennifer L.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This study investigates the spread of aggressive corporate tax reporting by modeling a firm's decision to adopt the corporate-owned life insurance (COLI) shelter. Prior studies identify firm characteristics associated with aggressive tax reporting (Desai and Dharmapala 2006; Frank et al. 2009) and tax shelter participation (Wilson 2009; Lisowsky 2010). This study examines whether social environment factors explain the pattern of tax shelter adoption. Building on theory related to the diffusion...
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作者：Elliott, W. Brooke; Hobson, Jessen L.; Jackson, Kevin E.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines disaggregated management forecasts as a mechanism to reduce investors' fixation on announced earnings. Our experimental results suggest that investors' earnings fixation is reduced when they initially observe a disaggregated management forecast (earnings and its components) versus when they observe an aggregated forecast (earnings only). We also provide theory-consistent evidence that this reduction in earnings fixation is associated with investors interpreting the summary ...
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作者：Lennox, Clive S.; Pittman, Jeffrey A.
作者单位：Nanyang Technological University; Memorial University Newfoundland
摘要：Exploiting a natural experiment in which voluntary audits replace mandatory audits for U.K. private companies, we analyze whether imposing audits suppresses valuable information about the types of companies that would voluntarily choose to be audited. We control for the assurance benefits of auditing to isolate the role signaling plays by focusing on companies that are audited under both regimes. These companies experience no change in audit assurance, although they can now reveal for the firs...
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作者：Teoh, Siew Hong; Zhang, Yinglei
作者单位：University of California System; University of California Irvine; Chinese University of Hong Kong
摘要：Ex post trimming of extreme returns observations that are not data errors causes spurious inferences in tests of market efficiency and behavioral explanations for anomalies. Trimming causes a downward truncation bias in estimated mean returns that is stronger in ex ante subsamples with more loss firms and in which return distributions are more right-skewed. There is an asymmetric U-shaped relation between return right-skewness and loss frequency across deciles of negative return predictors (Ac...
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作者：Bol, Jasmijn C.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the determinants and performance effects of centrality bias and leniency bias. The results show that managers respond to their own incentives and preferences when subjectively evaluating performance. Specifically, information-gathering costs and strong employee-manager relationships positively affect centrality bias and leniency bias. The findings also indicate that performance evaluation biases affect not only current performance ratings, but also future employee incentive...
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作者：Robinson, John R.; Xue, Yanfeng; Yu, Yong
作者单位：University of Texas System; University of Texas Austin; George Washington University
摘要：We investigate the economic forces that influence noncompliance with mandatory compensation disclosures and the effect of a subsequent focused enforcement action. We utilize SEC evaluations of compensation disclosures mandated by rules adopted in 2006 to examine whether noncompliance is associated with excess CEO compensation, proprietary costs, or previous media attention. We further test whether subsequent CEO compensation declines after the SEC publicly identifies noncompliance. We construc...
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作者：Lehavy, Reuven; Li, Feng; Merkley, Kenneth
作者单位：University of Michigan System; University of Michigan
摘要：This study examines the effect of the readability of firms' written communication on the behavior of sell-side financial analysts. Using a measure of the readability of corporate 10-K filings, we document that analyst following, the amount of effort incurred to generate their reports, and the informativeness of their reports are greater for firms with less readable 10-Ks. Additionally, we find that less readable 10-Ks are associated with greater dispersion, lower accuracy, and greater overall ...
