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作者：Evans, John Harry, III; Gao, Zhan; Hwang, Yuhchang; Wu, Wan-Ting
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Lancaster University; China Europe International Business School; University of Massachusetts System; University of Massachusetts Boston
摘要：This paper examines the length of time over which CEO performance is evaluated (the ''performance period'') in CEO performance-based equity awards (PBEAs). Departing from the primary emphasis of agency theory on moral hazard problems, we develop a model in which short performance periods are instrumental in sorting CEO talents. The model predicts that short performance periods are preferred when CEOs have low expected productivity or valuable alternative employment opportunities, and when firm...
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作者：Albrecht, Anne; Mauldin, Elaine G.; Newton, Nathan J.
作者单位：Texas Christian University; University of Missouri System; University of Missouri Columbia; State University System of Florida; Florida State University
摘要：Practice and research recognize the importance of extensive knowledge of accounting and financial reporting experience for generating reliable financial statements. However, we consider the possibility that such knowledge and experience increase the likelihood of material misstatement when executives have incentives to misreport. We use executives' prior experience as an audit manager or partner as a measure of extensive accounting and financial reporting competence. We find that the interacti...
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作者：Cao, Sean Shun; Ma, Guang; Tucker, Jennifer Wu; Wan, Chi
作者单位：University System of Georgia; Georgia State University; National University of Singapore; State University System of Florida; University of Florida; University of Massachusetts System; University of Massachusetts Boston
摘要：We introduce a firm-specific measure of the technological aspect of competition-technological peer pressure-and examine firm-initiated product development-related press releases. We argue that empirical examinations of the theorized negative relation between competition and disclosure require the type of voluntary disclosure to be relevant to the dimension of competition under examination to ensure that firms incur significant proprietary costs of disclosure. In other words, many types of disc...
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作者：Gong, Guojin; Luo, Shuying
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Hong Kong
摘要：Lenders often have lending relationships with borrowers' major customers (labeled as supply-chain lenders). We hypothesize that private information obtained from borrowers' major customers can facilitate more timely and precise evaluation of borrowers' creditworthiness; this potentially reduces supply-chain lenders' reliance on accounting conservatism in debt contracting. Consistently, we find that suppliers borrowing from supply-chain lenders provide less conservative financial statements tha...
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作者：Amiram, Dan; Kalay, Alon; Kalay, Avner; Ozel, N. Bugra
作者单位：Columbia University; Tel Aviv University; Utah System of Higher Education; University of Utah; University of Texas System; University of Texas Dallas
摘要：We examine the role of the coupon choice in bond contracts as a signaling mechanism in the presence of information asymmetry between borrowers and lenders about the credit quality of the borrower. Prior literature focuses on the use of maturity as a signaling mechanism. We conjecture that the coupon is a more effective signaling mechanism. We exploit the enactment of Regulation Fair Disclosure (RegFD) as an exogenous shock to the level of information asymmetry, and employ both bond- and equity...
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作者：Bruggen, Alexander; Feichter, Christoph; Williamson, Michael G.
作者单位：Maastricht University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In an environment where employees have the freedom to direct some time away from their day-to-day routine tasks to work on creative endeavors, we examine whether nonbinding targets for the amount of time to spend (input target) and/or the amount of output to produce (output target) on the routine task affects creative task performance. Results of a laboratory experiment demonstrate that providing both an input and an output target on the routine task leads to greater creative task performance ...
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作者：Liang, Ying; Marinovic, Ivan; Varas, Felipe
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Stanford University; Duke University
摘要：This paper studies the reliability of financial reporting when the credibility of the manager, represented by his misreporting propensity, is unknown. We show that credibility concerns affect the time-series of reported earnings, book values, and stock prices in ways that seem consistent with empirical evidence. When investors are uncertain about the credibility of the reporting process, earnings response coefficients, as well as market-to-book values (MTB), are random and time-varying; relati...
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作者：Simon, Chad A.; Smith, Jason L.; Zimbelman, Mark F.
作者单位：Utah System of Higher Education; Utah State University; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Brigham Young University
摘要：Auditing standards recommend separate assessments of the likelihood and magnitude of risks (hereafter, LM decomposition). Prior research shows that decomposition can focus individuals on the components of a judgment and make them more sensitive to information. An experiment with 101 experienced auditors shows that LM decomposition leads auditors to be less concerned about high-risk fraud schemes relative to auditors who make holistic risk assessments. Our analyses also show that, relative to t...
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作者：Loftus, Serena; Tanlu, Lloyd J.
作者单位：Tulane University; Northeastern University
摘要：This study examines how the use of causal language in conveying relative performance feedback impacts subsequent task performance. Research in linguistics has shown that causal language, defined as language reflecting the search for reasons (commonly expressed through words such as because'' and thus''), impacts how recipients process received information. We use a laboratory experiment to show that causal language has a differential effect when used in negative versus positive feedback. In th...
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作者：Rabier, MaryJane R.
作者单位：McGill University
摘要：Gupta and Gerchak (2002) argue that different acquirers can arrive at different equity valuations for the same target depending on their strategic intent. A reason for acquirers' equity valuations to vary, holding target fundamentals constant, may be that individual acquirers place different weights on underlying fundamentals. I examine this possibility using Burgstahler and Dichev's (1997) theoretical framework. They argue that the relative importance of earnings and book value depends on exp...
