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We study the optimal level of commonality of accounting standards when firms' investments exhibit beauty-contest features as in, e.g., Arya and Mittendorf (2016). We model more commonality of accounting standards as more correlated noises in firms' reports, consistent with the "more harmonized"...
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This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. A one standard deviation increase in vesting equity is associated with an annualized 0.2%...
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This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stock price. However, in myopia theories, the driver of short-termism is not the magnitude of incentives...
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This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stock price. However, in myopia theories, the driver of short-termism is not the magnitude of incentives...
Persistent link: https://www.econbiz.de/10012459254