The Dodd-Frank Act requires firms to include a clawback or holdback clause in executive compensation contracts. Using an experiment, we examine how executives react to the enforcement of these clauses after a restatement. We find that executives generally reduced the riskiness of their financial...

We examine whether financial reporting quality improves after firms voluntarily adopt a compensation clawback provision. Clawback provisions allow companies to recoup excess incentive pay in the event of an accounting restatement, and are intended to ex ante deter managers from publishing...

We present 60 experienced credit analysts with financial information for two firms: one that mainly outsources production and one that does not. We find that analysts are better able to identify firm characteristics that make an outsourcer more creditworthy when those characteristics are...

In this paper we use a unique dataset to investigate the relationship between nonprofessional investors' information choices and their portfolio returns. We also investigate the role investing experience plays in this relationship. We find that nonprofessional investors earn lower returns as...

We gather data from 77 current mid-level managers and 111 future entry-level managers, to investigate how they value stock options and restricted stock. We refer to our current and future manager groups collectively as quot;managers.quot; We supplement our manager data with a dozen field...

In this paper we investigate the relationship between non-professional investors' information choices and their portfolio returns. We also investigate the role investing experience plays in this relationship. We find that non-professional investors earn lower returns as their use of unfiltered...