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Persistent link: https://www.econbiz.de/10011755847
Using a large hand-collected sample of all blockholders (ownership ≥ 5%) of S&P 1500 firms for the years 2002–2009, we first document significant individual blockholder effects on earnings management (accrual-based earnings management, real earnings management, and restatements). This...
Persistent link: https://www.econbiz.de/10013007435
Large shareholders are a potentially very important element of firms' corporate governance system. Whereas analytical research is typically vague on who these large shareholders are, in practice there are important variations in the types of large owners (and the different types of large owners...
Persistent link: https://www.econbiz.de/10011936950
For some privately-held firms, the costs of providing high-quality accrual-based financial statements may outweigh the benefits of accommodating the demands of their stakeholders who may rely more on cash flows or have direct access to management. For other private firms, greater stakeholder...
Persistent link: https://www.econbiz.de/10013006269
Recent theoretical and empirical studies suggest that blockholders (shareholders with ownership ≥ 5%) exert governance through the threat of exit. Blockholders have strong incentives to gather private information and sell their shares when managers are perceived to underperform. To prevent...
Persistent link: https://www.econbiz.de/10013006858
We examine whether international equity mutual-fund managers shift their portfolios toward stocks with higher financial reporting quality during periods of high political uncertainty. Our study is motivated by two primary factors. First, prior research shows evidence of fund managers' “flight...
Persistent link: https://www.econbiz.de/10012972255
Health-insurance premiums account for a significant portion of the cost base of U.S. corporations. A recent study finds that health-insurance premiums increase for firms that experience positive profit shocks (Dafny 2010), suggesting that the U.S. health-insurance market is not perfectly...
Persistent link: https://www.econbiz.de/10012973226
We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government transparency) is positively associated with...
Persistent link: https://www.econbiz.de/10012886225
This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts’ forecasting performance. We employ a difference-in-differences research design with analyst fixed effects and compare incumbent analysts of...
Persistent link: https://www.econbiz.de/10012886264
This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases...
Persistent link: https://www.econbiz.de/10012886366