The main purpose of this paper is to explore the empirical evidence supporting the use of relative performance evaluation (RPE) in executive compensation which is mixed. This is puzzling since studies of firm disclosures indicate that firms claim to use RPE based on both accounting measures and...

We examine the information content of quarterly earnings announcements in the syndicated bank loan market, a hybrid public/private debt market that is exclusively comprised of informed institutional participants. In contrast to the literature on equity price reactions to earnings announcements,...

This paper examines how the qualitative characteristics of annual reports vary across different phases of the corporate life cycle. We measure the complexity, tone, and sentiment of 10-Ks, and classify firms into their distinct life cycle phases. Considering a sample of 24,268 firm-year...

This paper reports of a survey of US doctoral-grantiing programs in accounting (with 95 percent of the programs rsponding). The data bases most commonly possessed by accounting doctoral programs are identified, personal support is discussed, the amount of direct annual costs needed to maintain...

This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies but a comparative study, drawing a...

Using data for the major currencies from 1973 to 1994, we apply recent tests of asset price volatility to reexamine whether exchange rates have been "excessively" volatile with respect to the predictions of the monetary model of the exchange rate and of standard extensions that allow for sticky...

This paper provides a broad analysis of the effect of the current financial crisis on global equity markets and their major components. We also examine the magnitude of the crisis in terms of value destruction in comparison to other market crashes. In brief, upon looking at return performance...