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Performance-vested Stock Options and Pay-Performance Sensitivity

Kuang, Y.; Qin, B. - Tilburg University, Center for Economic Research - 2006

The paper investigates the incentive effects of performance-vested stock options (PVSOs) in aligning management interests with shareholder wealth. Performance targets attached to option vesting would prevent executives from receiving rewards from outcomes that are unaffected by their effort.Such...

Persistent link: https://www.econbiz.de/10011090438

Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

George, R.; Kabir, M.R.; Qian, J. - Tilburg University, Center for Economic Research - 2005

Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine...

Persistent link: https://www.econbiz.de/10011091092

Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

Renneboog, Luc; Pawlina, G. - Tilburg University, Center for Economic Research - 2005

We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information...

Persistent link: https://www.econbiz.de/10011091381

Understanding Internal Capital Markets and Corporate Policies

Cremers, M.; Huang, R.; Sautner, Z. - Tilburg University, Center for Economic Research - 2009

This study looks inside a large retail-banking group to understand how corporate politics affect internal capital allocation. The group consists of a headquarters organization and about 150 member banks which own the headquarters. Our data is from the firm’s managerial accounting system and...

Persistent link: https://www.econbiz.de/10011091968

Do Managers Manipulate Earnings Prior to Management Buyouts?

Renneboog, Luc; Mao, Y. - Tilburg University, Center for Economic Research - 2013

Abstract: To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating...

Persistent link: https://www.econbiz.de/10011091219

Business Groups, Taxes and Accruals Management

Beuselinck, C.A.C.; Deloof, M. - Tilburg University, Center for Economic Research - 2006

This paper provides evidence that Belgian firms belonging to a business group have a lower effective tax rate (ETR) and face a less positive association between pre-tax income and ETRs than independent firms.These findings suggest that individual group members apply efficient tax planning...

Persistent link: https://www.econbiz.de/10011091356

Mandatory IFRS Reporting and Stock Price Informativeness

Joos, Philip; Beuselinck, C.A.C.; Khurana, I.K.; van … - Tilburg University, Center for Economic Research - 2010

In this paper, we examine whether mandatory adoption of IFRS influences the flow of firm-specific information and … IFRS adopters in 14 EU countries for the period 2003-2007, we find a V-shaped pattern in synchronicity around IFRS adoption …, which is consistent with IFRS disclosures revealing new firm-specific information in the adoption period (i.e., a reduction …

Persistent link: https://www.econbiz.de/10011090958

Mandatory Adoption of IFRS and Analysts’ Forecasts Information Properties

Joos, Philip; Beuselinck, C.A.C.; Khurana, I.K.; van … - Tilburg University, Center for Economic Research - 2010

This study examines the properties of the information contained in analysts’ earnings forecasts for mandatory IFRS … information after switching to IFRS, especially for forecasts pertaining to 2006 and later. However, we are unable to detect a … change in the consensus among financial analysts after the mandatory adoption of IFRS. These results suggest that the higher …

Persistent link: https://www.econbiz.de/10011091872

Performance of Delta-hedging strategies in interval models - A robustness study

Engwerda, Jacob; Schumacher, Johannes M.; Roorda, B. - Tilburg University, Center for Economic Research - 1999

Persistent link: https://www.econbiz.de/10011092341

Real Options in an Aymmetric Duopoly : Who Benefits from your Competitive Disadvantage

Kort, Peter; Pawlina, G. - Tilburg University, Center for Economic Research - 2001

This paper considers the impact of investment cost asymmetry on the value and optimal real option exercise strategies of firms under imperfect competition.Both firms have an opportunity to invest in a project enhancing (ceteris paribus) the profit now.We show that three types of equilibria exist...

Persistent link: https://www.econbiz.de/10011090519