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1.
Lawrence D. Brown Marcus L. Caylor 《Review of Quantitative Finance and Accounting》2009,32(2):129-144
Using a unique dataset provided by Institutional Shareholder Services (ISS), we relate 51 governance provisions to firm operating
performance as proxied by return on assets and return on equity. We identify six corporate governance provisions that are
significantly and positively linked to return on assets, return on equity or both using at least two of our six regressions.
We examine nine governance provisions that have been recently mandated by the three major U.S. stock exchanges, and we find
none of them to be significantly and positively related to firm operating performance. Our results reveal that the governance
provisions recently mandated by the U.S. stock exchanges are less closely linked to firm operating performance than are those
not so mandated.
相似文献
Marcus L. CaylorEmail: |
2.
Raj Aggarwal David Schirm Xinlei Zhao 《Review of Quantitative Finance and Accounting》2007,28(1):79-100
This paper examines the nature of lifecycle intellectual contributions (publication productivity and quality) of prolific
scholars in finance, i.e., those that have published twelve or more scholarly papers in finance journals. Like other scholars,
their productivity increases dramatically in the years before tenure and early success seems to be a useful forecast of future
quality and quantity of publications. However, unlike the average finance Ph.D., these role models begin publishing earlier
and they maintain a high level of productivity over long periods with productivity appearing to decline only slightly after
tenure. Further, there is increasing tendency to publish with co-authors and there is high concentration of these prolific
scholars especially at the five top-rated finance journals. Our findings have important implications for aspiring new finance
professors.
相似文献
Raj AggarwalEmail: |
3.
We evaluate the relative performance of funds by conditioning their returns on the cross-section of portfolio characteristics
across fund managers. Our implied procedure circumvents the need to specify benchmark returns or peer funds. Instead, fund-specific
benchmarks for measuring selection and market timing ability are constructed. This technique is robust to herding as well
as window dressing and mitigates survivorship bias. Empirically, the conditional information contained in portfolio weights
defined by industry sectors, assets, and geographical regions is important to the assessment of fund management. For each
set of portfolio characteristics, we identify funds with success at either selecting securities or timing-the-market.
相似文献
Mitch Warachka (Corresponding author)Email: |
4.
Shijun Cheng John H. Evans III Nandu J. Nagarajan 《Review of Quantitative Finance and Accounting》2008,31(2):121-145
We examine whether takeover threats affect the importance of board size using the passage of state antitakeover laws enacted
in mid-to-late 1980s as our empirical setting. While the Complement Hypothesis predicts that board size matters more before the passage of the laws, the Substitute Hypothesis predicts the opposite. For a sample of 350 Forbes 500 firms over the period 1984–1991, we find a significant association between smaller boards and better firm performance before
passage of antitakeover laws, but a much weaker relation (reduced by more than one-third) after the takeover restrictions
were in place. Consistent with the Complement Hypothesis, this finding suggests that decreasing board size is more valuable when the market for corporate control is more active.
相似文献
Nandu J. NagarajanEmail: |
5.
We empirically examine how governance structure affects the design of executive compensation contracts and in particular, the implicit weights of firm performance measures in CEO’s compensation. We find that compensation contracts in firms with higher takeover protection and where the CEO has more influence on governance decisions put more weight on accounting-based measures of performance (return on assets) compared to stock-based performance measures (market returns). In additional tests, we further find that CEO compensation in these firms has lower variance and a higher proportion of cash (versus stock-based) compensation. We further find that CEOs’ incentives (measured as changes in CEO annual wealth which includes expected changes in the value of the CEO’s equity holdings in addition to yearly compensation) do not vary across governance structures. These findings are consistent with CEOs in firms with high takeover protection and where they have more influence on governance negotiating different contracts.
相似文献
Fernando PenalvaEmail: Phone: +34-93-2534200 |
6.
Changes in CEO compensation structure and the impact on firm performance following CEO turnover 总被引:4,自引:3,他引:1
David W. Blackwell Donna M. Dudney Kathleen A. Farrell 《Review of Quantitative Finance and Accounting》2007,29(3):315-338
We document changes in compensation structure following CEO turnover and relate them to future performance. Compared to outgoing
CEOs, incoming CEOs derive a significantly greater percentage of their compensation from option grants and new stock grants.
The voluntary turnover sample shows similar changes in compensation structure while the forced turnover sample results suggest
that new stock grants drive the significant increase in incentive compensation following turnover. Post-turnover performance
is positively associated with new stock grants as a percentage of total compensation in the full sample and when analyzing
forced and voluntary turnovers separately. We find limited evidence that future operating income is positively associated
with option grants following forced turnover. Post-turnover improvement in operating income is positively associated with
an increase in new stock grants for the incoming relative to the outgoing CEO.
相似文献
Kathleen A. Farrell (Corresponding author)Email: |
7.
Mário Henrique Ogasavara Yasuo Hoshino 《Review of Quantitative Finance and Accounting》2009,33(1):37-58
A foreign firm investing in a culturally different market usually faces a certain level of uncertainty. This study proposes
that as a multinational company accumulates experiential knowledge, it develops more capabilities and know-how and consequently
reflects on subsidiary performance. Based on a subsidiary level sample of Japanese firms located in Brazil, the empirical
findings of this study demonstrate that the accumulation of both international and local experiential knowledge can positively
affect subsidiary performance. Moreover, a firm’s sequential foreign direct investment decision in the local market is a key
strategy to achieving a higher level of subsidiary profitability in comparison with a first-time investment firm.
相似文献
Yasuo HoshinoEmail: |
8.
Kin Wai Lee Baruch Lev Gillian Hian Heng Yeo 《Review of Quantitative Finance and Accounting》2008,30(3):315-338
Much of the research on management compensation focuses on the level and structure of executives’ pay. In this study, we examine
a compensation element that has not received so far considerable research attention—the dispersion of compensation across managers—and its impact on firm performance. We examine the implications of two theoretical models
dealing with pay dispersion—tournament versus equity fairness. Tournament theory stipulates that a large pay dispersion provides
strong incentives to highly qualified managers, leading to higher efforts and improved enterprise performance, while arguments
for equity fairness suggest that greater pay dispersion increases envy and dysfunctional behavior among team members, adversely
affecting performance. Consistent with tournament theory, we find that firm performance, measured by either Tobin’s Q or stock performance, is positively associated with the dispersion of management compensation. We also document that the
positive association between firm performance and pay dispersion is stronger in firms with high agency costs related to managerial
discretion. Furthermore, effective corporate governance, especially high board independence, strengthens the positive association
between firm performance and pay dispersion. Our findings thus add to the compensation literature a potentially important
dimension: managerial pay dispersion.
相似文献
Gillian Hian Heng Yeo (Corresponding author)Email: |
9.
Terrence F. Martell Gwendolyn P. Webb 《Review of Quantitative Finance and Accounting》2008,30(3):253-279
An unusually high number of Nasdaq National Market stocks were reverse split following the decline in Nasdaq prices in the
year 2000. We test whether these splits were driven by the overall market decline. We find that the performance of stocks
with reverse splits in poor overall stock market conditions is better (less negative) than that in good market conditions,
and that the differences in performance appear three to five months after the split. This suggests that the longer-term outcomes
of reverse stock splits are associated with the market environment at the time of the split. In view of this, changes that
Nasdaq made to relax some of its listing standards are well justified.
相似文献
Gwendolyn P. WebbEmail: |
10.
The objective of this study is to analyze the relationship between innovation and performance for German firms that went public
at the “Neuer Markt” during the period from 1997 to 2002. In the empirical analysis we investigate in particular whether initial
public offerings (IPOs) with more or higher quality patents outperformed IPOs with lower quality or no patented technology.
For this we measure the impact of patents on underpricing and long-run performance and explain the magnitude of these valuation
effects with the Fama–French value and growth factors, with patent-specific variables such as the number of IPC-classes, family
size, the number of backward and forward citations, as well as with industry variables. The empirical evidence suggests that
patents are a reliable indicator for the success and the short- and long-run performance of start-up technology firms that
went public and that the valuation effects are more pronounced for higher quality patents.
相似文献
Wolfgang BesslerEmail: |
11.
We examine financially distressed firms and document how governance characteristics affect (1) a firm’s ability to avoid bankruptcy
and (2) the power of financial/accounting information to predict bankruptcy. Overall, our findings indicate that a distressed
firm’s governance characteristics significantly affect its probability of bankruptcy. We find that smaller and more independent
boards with a higher ratio of non-inside directors and with larger ownership stakes of inside directors are more effective
at avoiding bankruptcy once distress is indicated. These results are consistent with the belief that these types of governance
structures induce more effective monitoring. The results are also consistent with the view that the inclusion of governance
characteristics enhances the power of financial accounting models in predicting bankruptcy.
相似文献
Steve L. SlezakEmail: |
12.
The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties 总被引:2,自引:0,他引:2
Terrence M. Clauretie Paul D. Thistle 《The Journal of Real Estate Finance and Economics》2007,35(2):181-196
Regarding single-family residential properties purchased for investment (non-owner occupied) we examine whether out-of-state
buyers pay more than in-state buyers. We focus on the effects of search costs and anchoring. We use data on 2,828 Las Vegas
non-owner occupied (investor) residences, 40% of which are purchased by non-local investors. We find that the location of
the property affects the empirical results. Specifically, search cost and anchoring effects that appear significant when the
location of the property is ignored disappear when location is introduced as an independent variable.
相似文献
Paul D. ThistleEmail: |
13.
The long-run performance of initial public offerings and its determinants: the case of China 总被引:1,自引:1,他引:0
Xiaoqiong Cai Guy S. Liu Bryan Mase 《Review of Quantitative Finance and Accounting》2008,30(4):419-432
Existing research finds poor long-run performance of Initial Public Offerings (IPOs), particularly in the US. Using company
IPO data from China’s Shanghai Stock Exchange, we find comparable levels of underperformance. In line with US results, initial
overoptimism and the size of the offer are important explanatory factors for this underperformance. Additional variables include
the earnings per share prior to listing, the decision to switch investment banks at the time of issue and whether the firm
issues shares that can be purchased by foreign investors. These factors suggest that firms in China are able to manipulate
the issue process. In the context of Chinese economic reforms, of particular note is the positive performance impact of the
government shareholding after issue, which supports a signal argument in relation to continuing government support. As a result,
we provide an interesting insight into the influence of the regulatory environment and economic transition on the long-run
performance of IPOs in China.
相似文献
Bryan MaseEmail: |
14.
Firm diversification and earnings management: evidence from seasoned equity offerings 总被引:4,自引:3,他引:1
Chee Yeow Lim Tiong Yang Thong David K. Ding 《Review of Quantitative Finance and Accounting》2008,30(1):69-92
Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine
this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings
upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals
are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent
of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers
with high discretionary accruals underperformed other SEO firms.
相似文献
David K. DingEmail: |
15.
Luis Ferruz Luis Vicente Laura Andreu 《Review of Quantitative Finance and Accounting》2009,32(1):85-100
This article analyzes the phenomenon of performance persistence in Spanish equity pension plans between 1999 and 2006 to determine
whether plans with higher performance in one period continue obtaining higher performance in the future. It also aims to determine
the influence of past performance on investor behavior in order to examine whether money and investor flows of these portfolios
are affected by past performance. The results reveal the existence of short-term performance persistence and a statistically
significant relationship between historical returns and investment flows.
相似文献
Laura AndreuEmail: |
16.
Experimental evidence of how prior experience as an auditor influences managers’ strategic reporting decisions 总被引:1,自引:0,他引:1
Kendall O. Bowlin Jeffrey Hales Steven J. Kachelmeier 《Review of Accounting Studies》2009,14(1):63-87
We design an experiment to examine the influence of audit experience on subsequent reporting decisions when auditors become
managers of audited firms. In contrast to the independence issues that can arise when auditors and their clients are related
by prior affiliation, we focus this study on the more common case in which auditors assume subsequent employment with other firms’ clients. In a bi-matrix experimental game that captures key features of the strategic tension between auditors and
reporters, we find that reporters who have prior experience as an auditor, particularly the experience of having been a diligent
auditor, are more sensitive to large penalties for aggressive reporting than are reporters whose experience is exclusively
as a reporter. Our results suggest implications for regulators in predicting the effects of reporting penalties and for firms
in considering the effects of CPA experience when hiring for reporting positions.
相似文献
Steven J. Kachelmeier (Corresponding author)Email: |
17.
This article introduces the 2007 Maastricht-Cambridge-MIT Symposium articles in this special issue. The introduction not only
briefly describes each of the four articles from that symposium included in this special issue, but also describes the symposium
including links to other papers and presentations of the symposium not published in this issue.
相似文献
David Geltner (Corresponding author)Email: |
18.
Asymmetric timeliness tests of accounting conservatism 总被引:7,自引:1,他引:6
J. Richard Dietrich Karl A. MullerIII Edward J. Riedl 《Review of Accounting Studies》2007,12(1):95-124
Recent accounting research employs an asymmetric timeliness measure to test the hypothesis that reported accounting earnings
are “conservative.” This research design regresses earnings on stock returns to examine whether “bad” news is incorporated
into earnings on a more timely basis than “good” news. We identify properties of the asymmetric timeliness estimation procedure
that will result in biases in the test statistics except under very restrictive conditions that are rarely met in typical
empirical settings. Using data series that are devoid of asymmetric timeliness in reported earnings, we show how these biases
result in evidence consistent with conservatism. We conclude that the biased test statistics inherent in the asymmetric timeliness
research design preclude using this method to measure conservatism; that these biases are irresolvable as they originate in
the test’s specification; and that studies employing asymmetric timeliness tests cannot be interpreted as providing evidence
of conservatism.
相似文献
Edward J. RiedlEmail: |
19.
Francis In Sangbae Kim Vijaya Marisetty Robert Faff 《Review of Quantitative Finance and Accounting》2008,31(1):55-70
We propose a new approach for investigating the performance of managed funds using wavelet analysis and apply it to an Australian
dataset. This method, applied to a multihorizon Sharpe ratio, shows that the wavelet variance at the short scale is higher
than that of the longer scale, implying that an investor with a short investment horizon has to respond to every fluctuation
in the realized returns, while for an investor with a much longer horizon, the long-run risk associated with unknown expected
returns is not as important as the short-run risk. Using multihorizon Sharpe ratios of six groups of managed funds, we find
that none of the fund groups are dominant over all time scales.
相似文献
Robert Faff (Corresponding author)Email: |
20.
Publicly traded versus privately held: implications for conditional conservatism in bank accounting 总被引:1,自引:0,他引:1
Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership
and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market
access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of
conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private
banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and
larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing
accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism
is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank
managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial
reporting.
相似文献
James M. WahlenEmail: |