Similar Search Results

McClure, Charles - 2019

GAAP earnings often contain transitory items that can distort firms' investment decisions when a manager cares about … his firm's stock price. Non-GAAP earnings can alleviate investment distortions because they allow the manager to remove … quantify this trade-off by estimating a dynamic model in which the manager makes an investment and a non-GAAP disclosure …

Persistent link: https://www.econbiz.de/10012857771

Contracting on GAAP Changes : Large Sample Evidence

Christensen, Hans Bonde - 2017

We explore revealed preferences for the contractual treatment of changes to GAAP in a large sample of private credit agreements issued by publicly held U.S. firms. We document a significant time-trend towards excluding GAAP changes from the determination of covenant compliance over the period...

Persistent link: https://www.econbiz.de/10012974124

Optimal Thresholds in Accounting Recognition Standards

Gao, Pingyang - 2015

This paper investigates the design of recognition thresholds in accounting standards. In statistics, a threshold classi.es evidence to balance two types of recognition errors weighted by their respective costs to a decision maker. In accounting recognition standards, a threshold induces firms to...

Persistent link: https://www.econbiz.de/10013010376

The Corporation in Finance

Rajan, Raghuram G. - 2012

The nature of the firm and its financing are closely interlinked. To produce significant net present value, an entrepreneur has to transform her enterprise into one that is differentiated from the ordinary. To achieve the control that will allow her to execute this strategy, she needs to have...

Persistent link: https://www.econbiz.de/10013112506

The Silent Majority : Private U.S. Firms and Financial Reporting Choices

Lisowsky, Petro - 2020

This study uses a comprehensive panel of tax returns to examine the financial reporting choices of medium-to-large private U.S. firms, a setting which controls over $9 trillion in capital, vastly out-numbers public U.S. firms across all industries, yet has no financial reporting mandates. We...

Persistent link: https://www.econbiz.de/10012856832

What is CEO overconfidence? : evidence from executive assessments

Kaplan, Steven N.; Sørensen, Morten; Zakolyukina, … - 2020

relations also hold for overconfidence measures derived from CEOs' earnings guidance. Investment-cash flow sensitivities are …

Persistent link: https://www.econbiz.de/10012501388

The Life Cycle of Plants in India and Mexico

Hsieh, Chang-Tai - 2011

In the U.S., manufacturing plants grow or die. In contrast, surviving Indian plants exhibit little growth in terms of either employment or output. Indian plants start smaller and stay smaller. Most Indian manufacturing employment is at informal plants with fewer than 10 workers. In the U.S. most...

Persistent link: https://www.econbiz.de/10013119991

Measuring Economic Policy Uncertainty

Baker, Scott R. - 2014

Many commentators argue that uncertainty about tax, spending, monetary and regulatory policy slowed the recovery from the 2007-2009 recession. To investigate this we develop a new index of economic policy uncertainty (EPU), built on three components: the frequency of newspaper references to...

Persistent link: https://www.econbiz.de/10013064762

Maturity Mismatch and Financial Crises : Evidence from Emerging Market Corporations

Bleakley, C. Hoyt - 2009

. We measure the risk of maturity mismatch by estimating, at the firm level, the effect on investment of the interaction of … a drop in investment or sales …

Persistent link: https://www.econbiz.de/10013159636

Climate Change and Long-Run Discount Rates : Evidence from Real Estate

Giglio, Stefano - 2018

We explore what private market data can tell us about the appropriate discount rates for valuing investments in climate change abatement. We estimate the term structure of discount rates for real estate up to the very long horizons relevant for investments in climate change abatement. The...

Persistent link: https://www.econbiz.de/10012937085