A Theory of Income Smoothing When Insiders Know More Than Outsiders

被引：58

作者：

Acharya, Viral V. ^{[1
,2
,3
]}

Lambrecht, Bart M. ^{[2
,4
]}

机构：

[1] NYU, New York, NY 10003 USA

[2] CEPR, London, England

[3] NBER, Cambridge, MA 02138 USA

[4] Univ Cambridge, Cambridge CB2 1AG, England

来源：

REVIEW OF FINANCIAL STUDIES | 2015年 / 28卷 / 09期

关键词：

RESEARCH-AND-DEVELOPMENT; REAL ACTIVITIES MANIPULATION; EARNINGS MANAGEMENT; EMPIRICAL-ANALYSIS; MANAGERIAL RENTS; DIVIDEND POLICY; INFORMATION; FIRMS; EQUITY; MODEL;

D O I：

10.1093/rfs/hhv026

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure that outsiders can enforce a fair payout. Insiders set payout to meet outsiders' expectations and underproduce to manage future expectations downward. The observed income and payout process are smooth and adjust partially and over time in response to economic shocks. The smaller the inside ownership, the more severe underproduction is, resulting in an "outside equity Laffer curve."

引用

页码：2534 / 2574

页数：41

共 60 条

[1] The Internal Governance of Firms [J].

Acharya, Viral V. ;

Myers, Stewart C. ;

Rajan, Raghuram G. .

JOURNAL OF FINANCE, 2011, 66 (03) :689-720

[2] MANAGERIALISM, OWNERISM AND RISK [J].

AMIHUD, Y ;

KAMIN, JY ;

RONEN, J .

JOURNAL OF BANKING & FINANCE, 1983, 7 (02) :189-196

[3] Corporate Investment and Stock Market Listing: A Puzzle? [J].

Asker, John ;

Farre-Mensa, Joan ;

Ljungqvist, Alexander .

REVIEW OF FINANCIAL STUDIES, 2015, 28 (02) :342-390

[4]

BABER WR, 1991, ACCOUNT REV, V66, P818

[5] Oligopoly, Disclosure, and Earnings Management [J].

Bagnoli, Mark ;

Watts, Susan G. .

ACCOUNTING REVIEW, 2010, 85 (04) :1191-1214

[6]

Bange M.M., 1998, J CORP FINANC, V4, P153

[7] DO SHORT-TERM OBJECTIVES LEAD TO UNDERINVESTMENT OR OVERINVESTMENT IN LONG-TERM PROJECTS [J].

BEBCHUK, LA ;

STOLE, LA .

JOURNAL OF FINANCE, 1993, 48 (02) :719-729

[8] Making Sense of Cents: An Examination of Firms That Marginally Miss or Beat Analyst Forecasts [J].

Bhojraj, Sanjeev ;

Hribar, Paul ;

Picconi, Marc ;

Mcinnis, John .

JOURNAL OF FINANCE, 2009, 64 (05) :2361-2388

[9] Target ratcheting and effort reduction [J].

Bouwens, Jan ;

Kroos, Peter .

JOURNAL OF ACCOUNTING & ECONOMICS, 2011, 51 (1-2) :171-185

[10]

Bushee BJ, 1998, ACCOUNT REV, V73, P305

← 1 2 3 4 5 6 →