Although there has been an exponential increase in the number and size of cross-border mergers during the past decade, there is little research that examines whether such deals are value-enhancing activities for shareholders of successful bidders. We investigate long-term abnormal returns to 361...

We show that the intangible asset, firm reputation, has value-relevance as measured by its ability to explain part of the difference between BV and MV. Firm reputation is measured using the Fortune survey of quot;America's most admired companies.quot; We allow the Fortune rankings to serve as a...

In this study, we analyze eBusiness entrepreneurs nominated by the Ernst & Young Entrepreneur of the Year Award program to ascertain whether qualitative factors are correlated with success. We find qualitative factors are incrementally informative above and beyond the information provided by...

The recent credit crisis has made it more difficult for entrepreneurs to find funding. It is increasingly important for entrepreneurs to know what is important to venture capitalists (VCs) when they make their funding decisions. We interview entrepreneurs and VCs to determine traits these groups...

The strategy adopted by a company can be understood as the result of mechanisms and practices of corporate governance. In turn, the performance of a firm depends directly on the decisions made by its administrators. However, managers can incorporate their own personal interests in strategic...

This paper identifies the sources of conflicts between debtholders and stockholders in commercial banks, considering the potential influence of bank deposit insurance and regulations restricting bank capital ratios, merger activities, and dividend payments. We address the means by which debt...

Statements in the financial press and recent research suggest that controversy exists as to which accounting measure is more value-relevant: earnings or cash flows. This study examines the relative value-relevance of earnings and cash flow measures in the context of the firm life-cycle. Earnings...

We investigate two potential deterrents of aggressive pro forma reporting. First, the design of compensation contracts can encourage managers to adopt either a short- or a long-term focus. While it is difficult to observe whether compensation contracts are tied directly to pro forma earnings...

We compare non-GAAP EPS in annual earnings announcements and proxy statements using hand-collected data from SEC filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with disclosure of non-GAAP EPS in annual earnings announcements (proxy...

We investigate how interactions between analysts and managers influence (1) analyst disagreement about the definition of forecasted street earnings and (2) shifts in the definition of actual street earnings. Textual analysis of conference call transcripts indicates that more discussion about...