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Julio Carmona Angel León Antoni Vaello-Sebastià 《Journal of Economic Dynamics and Control》2011,35(1):97-114
We obtain explicit expressions for the subjective, objective and market value of perpetual executive stock options (ESOs) under exogenous employment shocks driven by an independent Poisson process. Previously, we obtain the executive's optimal exercise policy from the subjective valuation that is necessary for the objective one, or fair value. The perpetual ESO is compared with the true finite maturity ESO finding that the approximation is reasonably good. To illustrate the usefulness of the objective valuation for accounting purposes, we analyze the statistical distribution of the fair value when there is uncertainty about the employment shock intensity. Finally, the role of ESOs in the design of executives’ incentives is also discussed. 相似文献
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Roberto Wagner Mendonça Luiz Guilherme de Oliveira 《Latin American Business Review》2013,14(3-4):271-287
ABSTRACT The purpose of this article is to discuss the development, goals, and format of local content public policy within the context of the Brazilian oil and gas sectoral system of innovation. The theoretical frame of reference for this article revolves around the concept of innovation systems, more specifically their sectoral focus as in Malerba (2002 and 2004). Norwegian local content policy was considered as a reference. This article concludes that this policy has not yet come to a consensus, presents regulatory weaknesses, does not have well-defined roles, and has little potential to generate innovations. 相似文献
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Michael Willoughby Pedro Carmona Alexandre Momparler 《The Service Industries Journal》2013,33(3):411-429
The growing complexity of the global business environment is leading innovative firms to demand further external counselling to better handle rapid change and increasing uncertainty. Likewise, the implementation of new information systems is usually carried out with the help of external advisors. This paper examines whether the provision of consulting services undermines audit reporting quality by testing for an association between advisory services and audit reporting. A cross-sectional logistic regression is estimated to test the relationship between consulting fees and the audit outcome. The evidence suggests that there is no statistically significant association between non-audit fees and audit outcome. This finding is consistent with the idea that audit reporting quality is not impaired by the provision of consulting services. 相似文献
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We draw on social capital theory to examine the relationship between audit committee (AC) members’ social capital and financial reporting quality. Using US data for the period 2001–2010, our results suggest that non-AC directors’ social capital does not appear to be relevant to financial reporting quality. As far as AC members are concerned, our findings show a negative relationship between their social capital and financial reporting quality, suggesting a ‘dark side’ to social capital. Specifically, we find that sitting in multiple ACs (centrality) has a negative impact on reporting quality only for those AC members designated as financial experts. When other proxies for social capital are considered (connectedness, brokerage position and strong ties), our results show that the quality of financial reporting significantly decreases with the social capital of non-financial experts sitting in the AC. We contribute to prior research by: (i) relying on social capital theory, which is widely neglected in accounting research, (ii) using multiple metrics to capture the complex dimensions of social capital, and (iii) discriminating between the effects of financial and non-financial experts’ social capital on reporting quality. Our results suggest policy-makers might wish to limit financial experts’ multiple directorships as well as assess the actual contribution of non-financial experts to AC effectiveness. 相似文献
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During the decades prior to the Civil War, Spain experienced a rapid process of urbanization, which was accompanied by the demographic transition and sizeable rural–urban migrations. This article investigates how urban housing markets reacted to these far‐reaching changes, which increased demand for dwellings. To this end, this study employs a new hedonic index of real housing prices and constructs a cross‐regional panel dataset of rents and housing price fundamentals. This new evidence indicates that rents were not a significant financial burden on low‐income families and, hence, housing was affordable for the working classes. The article also shows that families’ access to new homes was facilitated by a sizeable growth in the housing supply. Substantial investments in urban infrastructure and the institutional framework enabled the construction of new homes at affordable prices. Our results suggest that housing problems were not as pervasive during the urban transition as the literature often seems to claim. 相似文献
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The boundaries between accounting and law are contingent on time–space intersections. Here, these margins are explored in the realm of international relations by focusing on the Asiento, an 18th century treaty granting Britain the monopoly to trade slaves with the Spanish American colonies. Although a relatively minor concern of treaty-makers, noncompliance with provisions of the Asiento by the South Sea Company placed accounting centre stage in conflicts between Britain and Spain. In combination with geo-strategic and domestic political circumstances, reporting failures exacerbated the commercial dispute between the two nations which culminated in war in 1739. The accounting provisions of the Asiento are examined by drawing on managerialist and realist theories of treaty compliance. It is shown that British noncompliance with accounting obligations under the treaty was driven by realist self-interest and the maximisation of material gain. Given that such motivations dominated behaviour attempts to manage noncompliance through the routine processes and structures of international politics proved unsuccessful. Managerial devices such as diplomatic exchanges over treaty ambiguity and securing greater informational transparency merely provided further opportunities for the pursuit of self-interest. It is suggested that divergent perceptions of the role of accounting in international relations stem from the unique political, legal, social and cultural configurations of nation states. The study highlights the limitations of accounting as an instrument of treaty verification. Its effectiveness in that capacity is diminished where there is no shared understanding of the significance, purpose, content and interpretation of accounting information. 相似文献
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Salvador Carmona Marco Trombetta 《Advances in accounting, incorporating advances in international accounting》2010,26(1):1-5
The increasing globalization of the U.S. economy drives interest in international accounting standards. In this respect, the convergence process between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) targets the completion of several major projects by 2011. The importance of the projects under consideration as well as the lack of conclusive theoretical solutions around them suggests that the target of a “common set” of accounting standards will be replaced in the short-medium term by a de facto situation of a “slightly different set” of accounting standards. In this paper, we draw on best available practices to make a specific proposal for the introduction of IFRS into the curriculum of institutions of higher learning in the U.S. Our proposal is driven by the idea that accounting education should move from teaching ever temporary rules to emphasize the economic and strategic underpinnings of accounting transactions. 相似文献