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The dark side of outside directors: Do they quit when they are most needed?

Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010

Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...

Persistent link: https://www.econbiz.de/10008631680

Did Fair-Value Accounting Contribute to the Financial Crisis?

Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10008634632

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values

Mitchell, Olivia; Coronado, Julia; Sharpe, Steven A.; … - National Bureau of Economic Research (NBER) - 2008

Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net liabilities embedded in financial statements, taken at face value, can provide very misleading picture...

Persistent link: https://www.econbiz.de/10005088948

Research in Accounting for Income Taxes

Shackelford, Douglas A.; Graham, John; Raedy, Jana - National Bureau of Economic Research (NBER) - 2010

This paper comprehensively reviews Accounting for Income Taxes (AFIT). The first half provides background and a primer on AFIT. The second half reviews existing studies in detail and offers suggestions for future research. We emphasize the research questions that have been addressed (most of...

Persistent link: https://www.econbiz.de/10008624622

Evaluating the Effectiveness of National Labor Relations Act Remedies: Analysis and Comparison with Other Workplace Penalty Policies

Kleiner, Morris M.; Weil, David - National Bureau of Economic Research (NBER) - 2010

The goal of this paper is to examine the implied penalty policies underlying the remedies created by the National Labor Relations Act (NLRA) in terms of the policies' impact on employer and union behaviors. We present a simple model of deterrence as a means of evaluating workplace penalty...

Persistent link: https://www.econbiz.de/10008764664

Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement

Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011

This paper examines capital market effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were required to adopt these two directives, but did so at...

Persistent link: https://www.econbiz.de/10008804681

Maturity Rationing and Collective Short-Termism

Milbradt, Konstantin; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2014

Financing terms and investment decisions are jointly determined. This interdependence links firms' asset and liability … sides and can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon …-best investment opportunities are long-term may change their investments towards second-best projects of shorter maturities. This …

Persistent link: https://www.econbiz.de/10010969405

Reaching for Yield in the Bond Market

Becker, Bo; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2013

Reaching-for-yield--investors' propensity to buy riskier assets in order to achieve higher yields--is believed to be an important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond market. We show that insurance companies, the...

Persistent link: https://www.econbiz.de/10010950683

Limited Managerial Attention and Corporate Aging

Loderer, Claudio; Stulz, René; Waelchli, Urs - National Bureau of Economic Research (NBER) - 2013

As firms have more assets in place, more of management's limited attention is focused on managing assets in place rather than developing new growth options. Consequently, as firms grow older, they have fewer growth options and a lower ability to generate new growth options. This simple theory...

Persistent link: https://www.econbiz.de/10010950710

Matching Capital and Labor

Berk, Jonathan B.; Binsbergen, Jules H. van; Liu, Binying - National Bureau of Economic Research (NBER) - 2014

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...

Persistent link: https://www.econbiz.de/10010950822

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