排序方式: 共有13条查询结果,搜索用时 328 毫秒
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平衡记分卡(BSC)可以帮助组织关注战略和测量效率。通过将不同方面的业务和关键要素及职能联系在一起,平衡记分卡方法可以帮助找到有价值的建议和方案。一家制造商通过实施平衡记分卡,克服了因业务迅速扩张带来的障碍。 相似文献
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Gus De Franco Ole‐Kristian Hope Dushyantkumar Vyas Yibin Zhou 《Contemporary Accounting Research》2015,32(1):76-104
Using an extensive database of 356,463 sell‐side equity analysts' reports from 2002 to 2009, this study is one of the first to analyze the readability of analysts' reports. We first examine the determinants of variations in analyst report readability. Using several proxies for ability, we show that reports are more readable when issued by analysts with higher ability. Second, we test the relation between analysts' report readability and stock trading volume reactions. We find that trading volume reactions increase with the readability of analysts' text, consistent with theoretical models that predict that more precise information (and hence more informative signals) results in investors' initiating trades. These results support the view that the readability of analysts' reports is important to analysts and capital market participants. 相似文献
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Gus De Franco Ole‐Kristian Hope Haihao Lu 《Journal of Business Finance & Accounting》2017,44(9-10):1315-1337
This paper examines the impact of borrowers’ managerial ability on lenders’ bank‐loan pricing and the channels through which managerial ability affects bank‐loan pricing. Using a large sample of US bank loans, we provide evidence that higher managerial ability is associated with lower bank‐loan prices. This effect is stronger in firms with high information risk, suggesting that an important channel for managerial ability to affect bank‐loan pricing is through improved financial disclosure to mitigate information asymmetry. The relationship is also stronger for firms with weak business fundamentals, implying that another channel is through improved business performance. Of these two mechanisms, path analysis suggests that the business‐fundamentals mechanism is the more important channel through which managerial ability affects bank‐loan pricing. 相似文献
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This paper offers a five-part framework for assessing why the United Kingdom has coped poorly compared with peer countries with the medical, social and economic challenges brought by the COVID-19 pandemic – a surprising failure, given the strength of its scientific community and the internationally attested quality of its civil service. The paper also offers a proposal for how to shape an independent inquiry, one promised by the UK Prime Minister, of the kind that has the primary motivation to better prepare the country for future crises. The paper begins by providing various metrics that set out how the UK has, as of late 2020, been particularly adversely affected by the pandemic. It then details the five-part framework, which is presented as a series of propositions with initial supporting evidence that require more thorough investigation, supported by a fuller record of evidence. First, we suggest that there have been problems as to how evidence about the pandemic and its anticipated effects was collected, processed and circulated, weakening policymakers’ ability to evaluate the risk calculus. Second, particular structures and processes of government decision-making appear to have been inadequate and ill-suited to the multidimensional challenges brought by the pandemic. Third, the role of political leadership and decision-making in the public health and broader policy responses needs thorough evaluation. Fourth, we assess some aspects of economic policymaking during the pandemic. Fifth, features of the UK's institutional make-up may have been a driver of the suboptimal outcomes. Overall, we argue that UK policymakers may have over-relied on the medical sciences at the expense of other (social) scientific evidence. 相似文献
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Current research shows that firms are more likely to benchmark against peers that pay their Chief Executive Officers (CEOs) higher compensation, reflecting self serving behavior. We propose an alternative explanation: the choice of highly paid peers represents a reward for unobserved CEO talent. We test this hypothesis by decomposing the effect of peer selection into talent and self serving components. Consistent with our prediction, we find that the association between a firm's selection of highly paid peers and CEO pay mostly represents compensation for CEO talent. 相似文献
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Gus De Franco Florin P. Vasvari Regina Wittenberg-Moerman 《European Accounting Review》2020,29(4):665-691
Abstract We examine the economic determinants and consequences associated with the inclusion of covenants with similar levels of restrictiveness in bond contracts. Using a unique Moody’s bond covenant dataset, we develop measures that capture similarity in the restrictiveness of bond covenants relative to previously issued peer bonds. We document that the demand for similarity by issuers, their advisors and bond investors follows the predictions of sociological and economic theories. Further, consistent with similarity in covenants reducing bond investors’ information acquisition and processing costs, we show that bonds with more similar covenant restrictiveness receive lower yields at issuance. These bonds are also more likely to be held by long-term bond investors, such as insurance companies, and are characterized by greater liquidity in the secondary market, providing a partial explanation for the lower bond yields. Our results highlight the benefits of covenant similarity and suggest that the use of covenants with similar restrictiveness levels brings information acquisition and processing cost savings that may be larger than the monitoring benefits provided by covenants with more tailored features. 相似文献
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We exploit staggered state-level shocks to third-party auditor legal liability in the U.S. to test whether auditor litigation risk affects client companies' access to private debt markets. We find that an exogenous increase in auditor litigation risk leads to an increase in both clients' likelihood of receiving bank loans and the average amount of the bank loans that clients receive. In support of our proposed mechanism that auditor litigation risk leads to improvements in clients' audit and financial reporting quality, we find that these same shocks lead to a reduction in accruals, an increase in going-concern opinions, a decrease in restatements, and an improvement in accruals' ability to predict future cash flows. We also find that increased auditor litigation risk leads to an increase in the contractibility of clients’ accounting numbers, as proxied by the use of debt covenants, and a decrease in the cost of borrowing. 相似文献
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This paper considers the principles that underpin the design of the UK's macroeconomic framework, with particular emphasis on the importance of good institutional design in ensuring effective coordination of monetary and fiscal policy when an independent Bank of England Monetary Policy Committee has operational responsibility for setting interest rates. The theoretical literature on policy coordination finds that the cost of central bank independence is less monetary‐fiscal coordination. We argue that once account is taken of the institutional arrangements, this conclusion does not hold for the UK. In fact, the UK macroeconomic policy framework represents a significant improvement in policy coordination through mechanisms that allow for greater transparency and accountability in policy‐making. Among the measures discussed in the paper is the role of the Treasury Representative on the Bank of England Monetary Policy Committee. 相似文献