机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希（Brian Bushee）的论文＂The influence of institutional investors on myopic R＆D investment behavior＂（机构投资者对企业短视研发投资行为的影响,以下简称Bushee（1998））进行评价并提出相关的建议和研究方向。

《The influence of institutional investors on myopic R＆D investment behavior》述评

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and benefits, (2) measuring disclosure and reporting outcomes, and (3) drawing causal inferences from regulatory studies. Next, we discuss empirical studies that link disclosure and reporting activities to firm-specific and market-wide economic outcomes. Understanding these links is important when evaluating regulation. We then synthesize the empirical evidence on the economic effects of disclosure regulation and reporting standards, including the evidence on International Financial Reporting Standards (IFRS) adoption. Several important conclusions emerge. We generally lack evidence on market-wide effects and externalities from regulation, yet such evidence is central to the economic justification of regulation. Moreover, evidence on causal effects of disclosure and reporting regulation is still relatively rare. We also lack evidence on the real effects of such regulation. These limitations provide many research opportunities. We conclude with several specific suggestions for future research.

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

Globalization, Corporate Finance, and the Cost of Capital

The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China

We examine the impact of managerial financial reporting incentives on accounting quality changes around International Financial Reporting Standards (IFRS) adoption. A novel feature of our single-country setting based on Germany is that voluntary IFRS adoption was allowed and common before IFRS became mandatory. We exploit the revealed preferences in the choice to (not) adopt IFRS voluntarily to determine whether the management of individual firms had incentives to adopt IFRS. For comparability with previous studies, we assess accounting quality through multiple constructs such as earnings management, timely loss recognition, and value relevance. While most existing literature documents accounting quality improvements following IFRS adoption, we find that improvements are confined to firms with incentives to adopt, that is, voluntary adopters. We also find that firms that resist IFRS adoption have closer connections with banks and inside shareholders, consistent with lower incentives for more compr...

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Incentives or Standards: What Determines Accounting Quality Changes around IFRS Adoption?

We examine the determinants and outcomes of Chief Executive Officers (CEOs) accepting a $1 salary, a compensation practice that occurs relatively frequently in high-profile firms and is debated by regulators, investors, and the media. Using a hand-collected sample of 93 CEOs from 91 firms between 1993 and 2011, we examine the triggers preceding the $1 salary decision, the factors associated with the decision, subsequent stock returns, and the outcomes for the CEOs. Our evidence is consistent with two explanations for the phenomenon: (i) it is a gesture of sacrifice by CEOs of firms in crisis, and (ii) it is a signal of better future performance by CEOs of growing firms. Our analyses highlight the two different circumstances and shed light on an interesting debate that has thus far been supported only by anecdotal evidence

Making Sense of One Dollar CEO Salaries

We examine the causal effect of expected private litigation costs on voluntary disclosure using a natural experiment, the Supreme Court ruling in Morrison v. National Australia Bank. Even ...

Private Litigation Costs and Voluntary Disclosure: Evidence from the Morrison Ruling

https://business.uoregon.edu/sites/business3.uoregon.edu/files/media/stephanie-sikes.pdf

Cross-country evidence on the relation between capital gains taxes, risk, and expected returns

We use differences in market-to-book ratios between high and low corporate social responsibility (“CSR”) firms as a proxy for time-varying investor sentiment for CSR initiatives. We first validate this measure by documenting positive abnormal returns to CSR announcements during periods when investor sentiment is relatively high. We then provide evidence that firms respond to investor sentiment by showing that CSR expenditures are higher during periods when investor sentiment is high. This response is stronger for firms with more powerful incentives to respond to investor sentiment due to the investment horizon of the firm and the firm’s shareholders. Additional tests show that future stock returns are lower for firms that respond to investor sentiment, suggesting that CSR activities chosen in response to investor sentiment did not increase long-term shareholder value. Our results provide new insights into our understating of the dramatic increase in CSR-related activities over the last several years. We also extend the behavioral finance literature by showing that managers may undertake costly real actions, such as shifting capital investments toward CSR projects, in order to boost the firm’s short-term stock price. JEL classification: M41, D82, G14, G30, G31, G32, G34

Are CSR Expenditures Affected by Investor Sentiment

The Impact of Currency Risk on US MNCs: New Evidence From Returns and Cross-Border Investment Around Currency Crises

Clare Wang

Papers

Making Sense of One Dollar CEO Salaries

Private Litigation Costs and Voluntary Disclosure: Evidence from the Morrison Ruling

Cross-country evidence on the relation between capital gains taxes, risk, and expected returns

Are CSR Expenditures Affected by Investor Sentiment

The Impact of Currency Risk on US MNCs: New Evidence From Returns and Cross-Border Investment Around Currency Crises