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This study jointly examines agents’ time dependence—period effects within instantaneous utility—and time preference …—behavior on discounting future utility. The study considers the start- and end-of-period effects for time dependence and … exponential and hyperbolic discounting for time preference. It provides identification arguments and sufficient conditions for …
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In this study, we examine the strategic intraday and intraweek timing of management forecast announcements based on whether they contain good or bad news. In contrast to past research using highly visible earnings announcements, unscheduled voluntary management forecasts provide a setting in...
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This paper shows that long-term shareholders embed horizon incentives in executive compensation contracts as a mechanism to promote long-term oriented managerial behavior. Increases in long-term institutional ownership lead to longer equity vesting periods measured by CEO pay duration. Further,...
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