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Smokescreen : How Managers Behave When They Have Something to Hide
Artiga González, Tanja - 2013
We study financial reporting and corporate governance in 218 companies accused of price fixing. These firms engage in evasive financial reporting strategies, including earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors...
Persistent link: https://www.econbiz.de/10013085128
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Continuing Dangers of Disinformation in Corporate Accounting Reports
Kane, Edward J. - 2009
compensation that allow corporate insiders to profit extravagantly from temporary boosts in a firm's accounting condition or …
Persistent link: https://www.econbiz.de/10012767752
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Multinationals and the Gains from International Diversification
Rowland, Patrick F. - 2002
One possible explanation for home bias is that investors may obtain indirect international diversification benefits by … tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in … multinational stocks. However, there is weak evidence that U.S. multinationals provided global diversification benefits in the full …
Persistent link: https://www.econbiz.de/10012787511
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Taxes, Institutions and Foreign Diversification Opportunities
Desai, Mihir A. - 2007
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign …
Persistent link: https://www.econbiz.de/10012776877
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Learning and the Disappearing Association between Governance and Returns
Bebchuk, Lucian A. - 2010
In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was...
Persistent link: https://www.econbiz.de/10013144562
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2011
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10013117203
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The 'Lemons Effect' in Corporate Freeze-Outs
Bebchuk, Lucian A. - 2008
In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of their shares that are taken from them. This paper seeks to highlight the difficulties involved in determining this no-freezeout value when private information. In particular,...
Persistent link: https://www.econbiz.de/10012774877
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Australian Government Balance Sheet Management
Au-Yeung, Wilson - 2010
Since almost eliminating net debt, the Australian Government%u2019s attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the %u2018Future Fund%u2019 to smooth the...
Persistent link: https://www.econbiz.de/10012761284
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Corporate Deleveraging
DeAngelo, Harry - 2016
Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at the historical peak and 0.026 at the later trough for the median firm in this sample, with a...
Persistent link: https://www.econbiz.de/10012979355
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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities
Maurer, Raimond - 2014
Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad years. Nevertheless, these techniques been criticized as they make it difficult to assess insurers' true financial...
Persistent link: https://www.econbiz.de/10013053850