This paper establishes evidence of a causal link between stock price pressures and management forecast biases based on the exogenous events of fire sales and purchases of stocks by mutual funds. We find that managers issue optimisticall...[详细]
Using an international sample of 48 countries over the 25-year period of 1982-2006, this study investigates the impact of insider trading on stock price crash risk. In so doing, we exploit the initial enforcement of insider trading laws...[详细]
Investors often behave in puzzling ways. In this paper, we develop a theory that implies “unusual” investment behaviors in a market equilibrium with heterogeneous investors who formu-late their investment strategies based on their ind...[详细]
审计意见的文本体现出高度的样板化的特征,即使在无保留意见加说明段的意见中,说明段的样板化特征依然明显。样板化的报告帮助管理层免于发布过于乐观的信息,对报告者予以了保护。这一现代财务的现象在本土的历史中可以找到文化渊源,比如同业互评中的样...[详细]
本文考察了国有公司的非执行董事是否会影响公司高管薪酬激励契约的选择。研究发现,非执行董事能够显著提高国有公司高管薪酬激励契约的有效性,抑制公司高管对于在职消费隐形激励契约的选择。进一步的分析显示,对于市场化水平较高地区的国有公司,非执行...[详细]