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Executives' "Off-the-Job" Behavior, Corporate Culture, and Financial Reporting Risk
Davidson, Robert H. - 2012
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low "frugality") and prior legal infractions, is related to financial reporting risk. We predict and find that CEOs and CFOs with a legal record are more likely to perpetrate fraud. In...
Persistent link: https://www.econbiz.de/10013107519
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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10013084738
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Fund Managers, Career Concerns, and Asset Price Volatility
Guerrieri, Veronica - 2010
We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …
Persistent link: https://www.econbiz.de/10012757530
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Tips and Tells from Managers : How Analysts and the Market Read between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …
Persistent link: https://www.econbiz.de/10013027252
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CEO Investment Cycles
Pan, Yihui - 2013
This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...
Persistent link: https://www.econbiz.de/10013077654
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Cross-Country Comparisons of Corporate Income Taxes
Markle, Kevin - 2011
To our knowledge, this paper provides the most comprehensive analysis of firm-level corporate income taxes to date. We use publicly available financial statement information for 11,602 public corporations from 82 countries from 1988 to 2009 to estimate country-level effective tax rates (ETRs)....
Persistent link: https://www.econbiz.de/10013129120
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To Join or Not to Join? Factors Influencing Employee Share Plan Membership in a Multinational Corporation
Bryson, Alex - 2010
Many firms encourage employees to own company stock through share plans that subsidize the price at favorable rates, but even so many employees do not buy shares. Using a new survey of employees in a multinational with a share ownership plan, we find considerable variation in joining among...
Persistent link: https://www.econbiz.de/10013139127
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Innovation and Diffusion of Clean/Green Technology : Can Patent Commons Help?
Hall, Bronwyn H. - 2012
This paper explores the characteristics of 238 patents on 94 "inventions" contributed by major multinational innovators to the "Eco-Patent Commons", which provides royalty-free access to third parties to patented climate change related innovations. By comparing the pledged patents to other...
Persistent link: https://www.econbiz.de/10013114981
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The Organization of Firms Across Countries
Bloom, Nicholas - 2012
, production and sales decisions from Corporate Head Quarters to local plant managers in almost 4,000 firms in the US, Europe and …
Persistent link: https://www.econbiz.de/10013116932
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The Use of Tax Havens in Exemption Regimes
Gumpert, Anna - 2011
This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The...
Persistent link: https://www.econbiz.de/10013117565