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Earnings Manipulation and Managerial Investment Decisions : Evidence from Sponsored Pension Plans

Bergstresser, Daniel - 2004

Managers appear to manipulate firm earnings when they characterize pension assets to capital markets and alter investment decisions to justify, and capitalize on, these manipulations. We construct a measure of the sensitivity of reported earnings to the assumed long-term rate of return on...

Persistent link: https://www.econbiz.de/10012468150

Continuing Dangers of Disinformation in Corporate Accounting Reports

Kane, Edward J. - 2003

compensation that allow corporate insiders to profit extravagantly from temporary boosts in a firm's accounting condition or …

Persistent link: https://www.econbiz.de/10012469064

Smokescreen : How Managers Behave When They Have Something To Hide

González, Tanja Artiga - 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/10012459775

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/10012462740

Regulatory Exploitation and the Market for Corporate Controls

Dafny, Leemore - 2006

economically significant predictor of whether a hospital replaces its management with a new team of for-profit managers. We also …

Persistent link: https://www.econbiz.de/10012466226

Profitability and Stability in International Currency Markets

Bilson, John F. O. - 1981

future spot exchange rates. This result implies that there have been opportunities for speculative profit during the post … existence of opportunities for speculative profit is explored. The question answered in the paper is the following: if there … were no opportunities for speculative profit, would exchange rates have been more stable? The answer is yes. This answer …

Persistent link: https://www.econbiz.de/10012478457

Investor Protection : Origins, Consequences, and Reform

Porta, Rafael La - 1999

Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...

Persistent link: https://www.econbiz.de/10012471353

Investor Protection and Corporate Valuation

Porta, Rafael La - 1999

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...

Persistent link: https://www.econbiz.de/10012471382

Index Funds and the Future of Corporate Governance : Theory, Evidence, and Policy

Bebchuk, Lucian A. - 2019

We seek to contribute to understanding index fund stewardship by providing a comprehensive theoretical, empirical, and policy analysis of such stewardship. We put forward an agency-cost theory of the stewardship decisions that index fund managers make. Our agency-costs analysis shows that index...

Persistent link: https://www.econbiz.de/10012480487

Law and Finance c. 1900

Musacchio, Aldo - 2010

development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …

Persistent link: https://www.econbiz.de/10012462439

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