Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more...

This paper shows that portfolio constraints have important implications for management compensation and performance evaluation. In particular, in the presence of portfolio constraints, allowing for benchmarking can be beneficial. Benchmark design arises as an alternative effort inducement...