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Persistent link: https://www.econbiz.de/10010372670
This study extends the employee stock option literature by examining how the timing of sales of shares acquired at exercise varies with accrual management both before and after the exercise date. We find evidence that accrual management prior to exercise is positively associated with the...
Persistent link: https://www.econbiz.de/10012905390
Prior literature suggests that the market underreacts to the positive correlation in a typical firm's seasonal earnings changes, which leads to a post-earnings-announcement drift (PEAD) in prices. We examine the market reaction for a distinct set of firms whose seasonal earnings changes are...
Persistent link: https://www.econbiz.de/10012935476
Prior literature suggests that the market underreacts to the positive correlation in a typical firm's seasonal earnings changes, which leads to a post-earnings-announcement drift (PEAD) in prices. We examine the market reaction for a distinct set of firms whose seasonal earnings changes are...
Persistent link: https://www.econbiz.de/10012871516
Persistent link: https://www.econbiz.de/10012597265
The executive compensation literature presumes that shareholders offer risk-averse managers stock options to entice them to take on more risk, resulting in riskier investment decisions and thus a greater return on investment. However, recent empirical work challenges this assumption, and...
Persistent link: https://www.econbiz.de/10012863183
Persistent link: https://www.econbiz.de/10003791517
Persistent link: https://www.econbiz.de/10010369802
This paper decomposes the cash component of earnings and analyzes persistence characteristics and pricing implications of various subcomponents, with particular attention to changes in cash. Changes in underlying fundamentals might dictate changes in cash to new optimal levels. Alternatively,...
Persistent link: https://www.econbiz.de/10013047665
This paper decomposes the cash component of earnings and analyzes persistence characteristics and pricing implications of various subcomponents, with particular attention on changes in cash. Changes in underlying fundamentals might dictate changes in cash to new optimal levels. Alternatively,...
Persistent link: https://www.econbiz.de/10013058531