Economic determinants and consequences of performance target difficulty
Using data on earnings targets in annual bonus plans, we construct and validate an
empirical measure of beginning-of-year target difficulty and show that it is negatively …
empirical measure of beginning-of-year target difficulty and show that it is negatively …
Do Firms Smooth Earnings Less When They Can Hedge Noise Better?
Firms' use of accounting discretion to report a smooth earnings profile is commonly believed
to be pervasive. We examine if smoothing, at least partly, reflects managerial attempts to …
to be pervasive. We examine if smoothing, at least partly, reflects managerial attempts to …
Are CEOs rewarded for luck? Evidence from corporate tax windfalls
We take advantage of a 2017 change in tax rules in the US to re-examine whether CEOs are
rewarded for luck. We examine the effect of one-off tax gains and losses associated with …
rewarded for luck. We examine the effect of one-off tax gains and losses associated with …
A Rating System to Evaluate Non-GAAP Exclusion Quality
We develop a rating system to evaluate the quality of individual non-GAAP exclusions. Our
perspective is that high-quality exclusions will reflect non-recurring economic transactions …
perspective is that high-quality exclusions will reflect non-recurring economic transactions …
IFRS-16 and Firm Investment: Leasing Commitment and Intensity
Generally, this study examines the economic consequences of IFRS-16. Specifically, this
study investigates whether commitment and leasing intensity affect firms' investment …
study investigates whether commitment and leasing intensity affect firms' investment …
Pay (out) for Performance? Evidence from Long-term Incentive Plans
The widespread adoption of performance-contingent compensation plans increases the gap
between executives' ex-ante reported pay and final take-home pay. The common practice of …
between executives' ex-ante reported pay and final take-home pay. The common practice of …