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Does Financial Disclosure Readability Predict Shareholder Activism?
Anand, Abhinav; Huan, Xing; Pathak, Jalaj - 2022
We examine the impact of financial disclosures’ readability on future shareholder activism, as expressed by shareholder-initiated proxy proposals. Based on a sample of 1,560 proposals made by shareholders of 818 S& P 1500 firms between 2000 and 2014, we find that the semantic complexity of the...
Persistent link: https://www.econbiz.de/10013310275
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Timely loss recognition and termination of unprofitable projects
Srivastava, Anup; Sunder, Shyam V.; Tse, Senyo - In: China Journal of Accounting Research 8 (2015) 3, pp. 147-167
Ideally, firms should discontinue projects that become unprofitable. Managers, however, continue to operate such projects because of their limited employment horizons and empire-building motivations (Jensen, 1986; Ball, 2001). Prior studies suggest that timely loss recognition in accounting earnings...
Persistent link: https://www.econbiz.de/10011937008
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Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?
Gassen, Joachim (contributor) - 2008
In their joint framework project, the FASB and the IASB recently proposed dropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness....
Persistent link: https://www.econbiz.de/10003693060
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The Economic Consequences of Financial Restatements : Evidence from the Market for Corporate Control
Amel-Zadeh, Amir - 2014
This paper investigates whether and how financial restatements affect the market for corporate control. We show that firms that recently filed financial restatements are significantly less likely to become takeover targets than a propensity score-matched sample of non-restating firms. For those...
Persistent link: https://www.econbiz.de/10013065529
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Outside Investor Access to Top Management : Market Monitoring vs. Stock Price Manipulation
Schroth, Josef - 2020
This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, then investors rely less on costly unbiased research....
Persistent link: https://www.econbiz.de/10012826268
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The Monitoring Role of the Media : Evidence from Earnings Management
Chen, Yangyang - 2020
In response to the recent debate on the media, this paper examines the effect of media coverage on firm earnings management. Even if prior studies (Miller 2006; Dyck et al. 2010) have documented the media's role in detecting and deterring accounting fraud (or extreme earnings management), it is...
Persistent link: https://www.econbiz.de/10012854502
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The Effects of Corporate Governance and Product Market Competition on Analysts’ Forecasts : Evidence from the Brazilian Capital Market
Almeida, Jose Elias Feres de - 2015
We investigate how the interaction between product market competition and firm-level corporate governance enhances the accuracy of analysts' forecasts and reduces the forecasts' deviation. Using a sample of Brazilian public firms covered by analysts, we find that competitive industries provide...
Persistent link: https://www.econbiz.de/10013021973
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Managerial Entrenchment and Information Production
Lin, Chen - 2018
In this paper, we evaluate the effect of managerial entrenchment on corporate information production using the voting outcomes of shareholder-initiated proposals intended to mitigate managerial entrenchment. We focus on the proposals that are passed or rejected by a small margin of votes, which...
Persistent link: https://www.econbiz.de/10012932156
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Takeovers and Voluntary Disclosures
Menon, Rahul - 2022
How does the possibility of being taken over affect a manager’s voluntary disclosure? This paper analyzes this question in a setting where the manager’s disclosure complements the rival’s expertise and influences the probability the firm is taken over by a rival. The threat of being...
Persistent link: https://www.econbiz.de/10013293318
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Real Earnings Management and Governance Attributes in the Context of IPO Failure
Amna, Chalwati - 2014
This study examines the association between real earnings management, governance attributes, and IPO failure risk … management and governance attributes are associated with IPO failure risk. Moreover, we find that among governance attributes …, board independence and board size are negatively associated with IPO failure risk. However, audit committee independence and …
Persistent link: https://www.econbiz.de/10013060764