Kuo, Chii-Shyan; Chang, Jow-Ran; Yu, Shih-Ti - In: Review of Quantitative Finance and Accounting 40 (2013) 2, pp. 189-215
This paper examines the effect of mandatory pro forma earnings disclosure on the alignment of CEO share bonuses and firm performance (i.e., annual stock returns). Using 6,583 executive-level observations from 986 non-financial firms in Taiwan over the period 1999–2004, we find a significant...