메뉴 건너뛰기




Volumn 34, Issue 2, 2010, Pages 273-300

The effect of capital market pressures on the association between R&D spending and CEO option compensation

Author keywords

CEO option compensation; Earnings benchmarks; R D expenditures

Indexed keywords


EID: 77950444104     PISSN: 0924865X     EISSN: 15737179     Source Type: Journal    
DOI: 10.1007/s11156-009-0146-7     Document Type: Article
Times cited : (20)

References (57)
  • 1
    • 34247510914 scopus 로고    scopus 로고
    • Earnings management and the market response to convertible debt issuance
    • Working paper, Michigan State University
    • Anthony JH, Bettinghaus B, Farber DB (2004) Earnings management and the market response to convertible debt issuance. Working paper, Michigan State University.
    • (2004)
    • Anthony, J.H.1    Bettinghaus, B.2    Farber, D.B.3
  • 2
    • 0001527151 scopus 로고
    • The effect of concern about reported income on discretionary spending decisions: The case of research and development
    • Baber W, Fairfield P, Haggard J (1991) The effect of concern about reported income on discretionary spending decisions: the case of research and development. Account Rev 66(4): 818-829.
    • (1991) Account Rev , vol.66 , Issue.4 , pp. 818-829
    • Baber, W.1    Fairfield, P.2    Haggard, J.3
  • 3
    • 0030167039 scopus 로고    scopus 로고
    • Investment opportunities and the structure of executive compensation
    • doi:10.1016/0165-4101(96)00421-1
    • Baber W, Janakiraman S, Kang S (1996) Investment opportunities and the structure of executive compensation. J Account Econ 21(3): 297-318. doi: 10. 1016/0165-4101(96)00421-1.
    • (1996) J Account Econ , vol.21 , Issue.3 , pp. 297-318
    • Baber, W.1    Janakiraman, S.2    Kang, S.3
  • 4
    • 5744232350 scopus 로고    scopus 로고
    • Misreporting corporate performance
    • Available at SSRN, or doi:10.2139/ssrn.354141
    • Bar-Gill O, Bebchuk LA (2003) Misreporting corporate performance. Harvard law and economics discussion paper. Available at SSRN. http://ssrn. com/abstract=354141 or doi: 10. 2139/ssrn. 354141.
    • (2003) Harvard law and economics discussion paper
    • Bar-Gill, O.1    Bebchuk, L.A.2
  • 5
    • 0033235090 scopus 로고    scopus 로고
    • Market rewards associated with patterns of increasing earnings
    • doi:10.2307/2491414
    • Barth ME, Elliott JA, Finn MW (1999) Market rewards associated with patterns of increasing earnings. J Account Res 37(2): 387-413. doi: 10. 2307/2491414.
    • (1999) J Account Res , vol.37 , Issue.2 , pp. 387-413
    • Barth, M.E.1    Elliott, J.A.2    Finn, M.W.3
  • 6
    • 21344482133 scopus 로고
    • The timing of asset sales and earnings manipulation
    • Bartov E (1993) The timing of asset sales and earnings manipulation. Account Rev 68(4): 840-855.
    • (1993) Account Rev , vol.68 , Issue.4 , pp. 840-855
    • Bartov, E.1
  • 7
    • 0036267630 scopus 로고    scopus 로고
    • The rewards to meeting or beating earnings expectations
    • doi:10.1016/S0165-4101(02)00045-9
    • Bartov E, Givoly D, Hayn C (2002) The rewards to meeting or beating earnings expectations. J Account Econ 33(2): 173-204. doi: 10. 1016/S0165-4101(02)00045-9.
    • (2002) J Account Econ , vol.33 , Issue.2 , pp. 173-204
    • Bartov, E.1    Givoly, D.2    Hayn, C.3
  • 8
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black F, Scholes M (1973) The pricing of options and corporate liabilities. J Polit Econ 81(3): 637-654.
    • (1973) J Polit Econ , vol.81 , Issue.3 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 9
    • 33745808764 scopus 로고    scopus 로고
    • Executive compensation and short-termist behaviour in speculative markets
    • doi:10.1111/j.1467-937X.2006.00388.x
    • Bolton P, Scheinkman J, Xiong W (2006) Executive compensation and short-termist behaviour in speculative markets. Rev Econ Stud 73(3): 577-610. doi: 10. 1111/j. 1467-937X. 2006. 00388. x.
    • (2006) Rev Econ Stud , vol.73 , Issue.3 , pp. 577-610
    • Bolton, P.1    Scheinkman, J.2    Xiong, W.3
  • 10
    • 0035632845 scopus 로고    scopus 로고
    • A temporal analysis of earnings surprises: Profits versus losses
    • doi:10.1111/1475-679X.00010
    • Brown L (2001) A temporal analysis of earnings surprises: profits versus losses. J Account Res 39(2): 221-241. doi: 10. 1111/1475-679X. 00010.
    • (2001) J Account Res , vol.39 , Issue.2 , pp. 221-241
    • Brown, L.1
  • 11
    • 0037246925 scopus 로고    scopus 로고
    • Small negative surprises: Frequency and consequence
    • doi:10.1016/S0169-2070(02)00061-4
    • Brown L (2003) Small negative surprises: frequency and consequence. Int J Forecast 19(4): 149-159. doi: 10. 1016/S0169-2070(02)00061-4.
    • (2003) Int J Forecast , vol.19 , Issue.4 , pp. 149-159
    • Brown, L.1
  • 12
    • 18944372804 scopus 로고    scopus 로고
    • A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences
    • doi:10.2308/accr.2005.80.2.423
    • Brown L, Caylor M (2005) A temporal analysis of quarterly earnings thresholds: propensities and valuation consequences. Account Rev 80(2): 423-440. doi: 10. 2308/accr. 2005. 80. 2. 423.
    • (2005) Account Rev , vol.80 , Issue.2 , pp. 423-440
    • Brown, L.1    Caylor, M.2
  • 13
    • 0040212860 scopus 로고    scopus 로고
    • CEO stock-based compensation: An empirical analysis of incentive-intensity, relative mix, and economic determinants
    • doi:10.1086/209658
    • Bryan S, Hwang L, Lilien S (2000) CEO stock-based compensation: an empirical analysis of incentive-intensity, relative mix, and economic determinants. J Bus 73(4): 661-693. doi: 10. 1086/209658.
    • (2000) J Bus , vol.73 , Issue.4 , pp. 661-693
    • Bryan, S.1    Hwang, L.2    Lilien, S.3
  • 14
    • 0031498155 scopus 로고    scopus 로고
    • Earnings management to avoid earnings decreases and losses
    • doi:10.1016/S0165-4101(97)00017-7
    • Burgstahler D, Dichev I (1997) Earnings management to avoid earnings decreases and losses. J Account Econ 24(1): 99-126. doi: 10. 1016/S0165-4101(97)00017-7.
    • (1997) J Account Econ , vol.24 , Issue.1 , pp. 99-126
    • Burgstahler, D.1    Dichev, I.2
  • 15
    • 1542399108 scopus 로고    scopus 로고
    • Earnings management to avoid losses and earnings decreases: Are analysts fooled?
    • doi:10.1506/BXXP-RGTD-H0PM-9XAL
    • Burgstahler D, Eames M (2003) Earnings management to avoid losses and earnings decreases: are analysts fooled? Contemp Account Res 20(2): 253-294. doi: 10. 1506/BXXP-RGTD-H0PM-9XAL.
    • (2003) Contemp Account Res , vol.20 , Issue.2 , pp. 253-294
    • Burgstahler, D.1    Eames, M.2
  • 16
    • 0032116927 scopus 로고    scopus 로고
    • The influence of institutional investors on myopic R&D investment behavior
    • Bushee B (1998) The influence of institutional investors on myopic R& D investment behavior. Account Rev 73(3): 305-333.
    • (1998) Account Rev , vol.73 , Issue.3 , pp. 305-333
    • Bushee, B.1
  • 17
    • 34247511118 scopus 로고    scopus 로고
    • The role of accounting in the design of CEO equity compensation
    • doi:10.2308/accr.2007.82.2.327
    • Carter ME, Lynch LJ, Tuna I (2007) The role of accounting in the design of CEO equity compensation. Account Rev 82(2): 327-357. doi: 10. 2308/accr. 2007. 82. 2. 327.
    • (2007) Account Rev , vol.82 , Issue.2 , pp. 327-357
    • Carter, M.E.1    Lynch, L.J.2    Tuna, I.3
  • 18
    • 0001345660 scopus 로고
    • Corporate research and development expenditures and share value
    • doi:10.1016/0304-405X(90)90005-K
    • Chan S, Martin J, Kensinger J (1990) Corporate research and development expenditures and share value. J Financ Econ 26(2): 255-276. doi: 10. 1016/0304-405X(90)90005-K.
    • (1990) J Financ Econ , vol.26 , Issue.2 , pp. 255-276
    • Chan, S.1    Martin, J.2    Kensinger, J.3
  • 19
    • 2442648862 scopus 로고    scopus 로고
    • R&D expenditures and CEO compensation
    • doi:10.2308/accr.2004.79.2.305
    • Cheng S (2004) R& D expenditures and CEO compensation. Account Rev 79(2): 305-328. doi: 10. 2308/accr. 2004. 79. 2. 305.
    • (2004) Account Rev , vol.79 , Issue.2 , pp. 305-328
    • Cheng, S.1
  • 20
    • 0031498152 scopus 로고    scopus 로고
    • Changes in the value-relevance of earnings and book values over the past forty years
    • doi:10.1016/S0165-4101(97)00015-3
    • Collins D, Maydew E, Weiss I (1997) Changes in the value-relevance of earnings and book values over the past forty years. J Account Econ 24(1): 39-67. doi: 10. 1016/S0165-4101(97)00015-3.
    • (1997) J Account Econ , vol.24 , Issue.1 , pp. 39-67
    • Collins, D.1    Maydew, E.2    Weiss, I.3
  • 21
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • doi:10.1016/S0165-4101(99)00019-1
    • Core J, Guay W (1999) The use of equity grants to manage optimal equity incentive levels. J Account Econ 28(2): 151-184. doi: 10. 1016/S0165-4101(99)00019-1.
    • (1999) J Account Econ , vol.28 , Issue.2 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 22
    • 44949280589 scopus 로고
    • Executive incentives and the horizon problem: An empirical investigation
    • doi:10.1016/0167-7187(91)90058-S
    • Dechow P, Sloan R (1991) Executive incentives and the horizon problem: an empirical investigation. J Account Econ 14(1): 51-89. doi: 10. 1016/0167-7187(91)90058-S.
    • (1991) J Account Econ , vol.14 , Issue.1 , pp. 51-89
    • Dechow, P.1    Sloan, R.2
  • 23
    • 14844330233 scopus 로고    scopus 로고
    • Economic consequences of accounting for stock-based compensation
    • doi:10.2307/2491422 Suppl
    • Dechow P, Hutton A, Sloan R (1996) Economic consequences of accounting for stock-based compensation. J Account Res 34(3): 1-20. doi: 10. 2307/2491422 Suppl.
    • (1996) J Account Res , vol.34 , Issue.3 , pp. 1-20
    • Dechow, P.1    Hutton, A.2    Sloan, R.3
  • 24
    • 0742329263 scopus 로고    scopus 로고
    • Why are earnings kinky? An examination of the earnings management explanation
    • doi:10.1023/A:1024481916719
    • Dechow P, Richardson S, Tuna I (2003) Why are earnings kinky? An examination of the earnings management explanation. Rev Account Stud 8(2-3): 355-384. doi: 10. 1023/A: 1024481916719.
    • (2003) Rev Account Stud , vol.8 , Issue.2-3 , pp. 355-384
    • Dechow, P.1    Richardson, S.2    Tuna, I.3
  • 25
    • 0031187968 scopus 로고    scopus 로고
    • Smoothing income in anticipation of future earnings
    • doi:10.1016/S0165-4101(97)00004-9
    • DeFond ML, Park CW (1997) Smoothing income in anticipation of future earnings. J Account Econ 23(2): 115-139. doi: 10. 1016/S0165-4101(97)00004-9.
    • (1997) J Account Econ , vol.23 , Issue.2 , pp. 115-139
    • Defond, M.L.1    Park, C.W.2
  • 26
    • 0001897473 scopus 로고    scopus 로고
    • Earnings management to exceed thresholds
    • doi:10.1086/209601
    • Degeorge F, Patel J, Zeckhauser R (1999) Earnings management to exceed thresholds. J Bus 72(1): 1-33. doi: 10. 1086/209601.
    • (1999) J Bus , vol.72 , Issue.1 , pp. 1-33
    • Degeorge, F.1    Patel, J.2    Zeckhauser, R.3
  • 27
    • 0035732118 scopus 로고    scopus 로고
    • Agent employment horizon and contracting demand for forward-looking performance measures
    • doi:10.1111/1475-679X.00024
    • Dikolli S (2001) Agent employment horizon and contracting demand for forward-looking performance measures. J Account Res 39(3): 481-494. doi: 10. 1111/1475-679X. 00024.
    • (2001) J Account Res , vol.39 , Issue.3 , pp. 481-494
    • Dikolli, S.1
  • 28
    • 77950392699 scopus 로고    scopus 로고
    • Transient institutional investor concentration and pay-for-performance sensitivity in CEO incentive contracts
    • Working paper, University of Texas at Austin
    • Dikolli S, Kulp S, Sedatole K (2004) Transient institutional investor concentration and pay-for-performance sensitivity in CEO incentive contracts. Working paper, University of Texas at Austin.
    • (2004)
    • Dikolli, S.1    Kulp, S.2    Sedatole, K.3
  • 29
    • 70350294555 scopus 로고    scopus 로고
    • Speech by SEC chairman, remarks at the 2003 Washington economic policy conference
    • National Association for Business Economics. Available at
    • Donaldson WH (2003) Speech by SEC chairman, remarks at the 2003 Washington economic policy conference. National Association for Business Economics. Available at http://ftp. sec. gov/news/speech/spch032403whd. htm.
    • (2003)
    • Donaldson, W.H.1
  • 30
    • 0346045794 scopus 로고    scopus 로고
    • The shielding of CEO compensation from the effects of strategic expenditures
    • doi:10.1506/UM8Q-NVJ6-JKGT-GH5W
    • Duru A, Iyengar WJ, Thevaranjan A (2002) The shielding of CEO compensation from the effects of strategic expenditures. Contemp Account Res 19(2): 175-193. doi: 10. 1506/UM8Q-NVJ6-JKGT-GH5W.
    • (2002) Contemp Account Res , vol.19 , Issue.2 , pp. 175-193
    • Duru, A.1    Iyengar, W.J.2    Thevaranjan, A.3
  • 31
    • 0033235098 scopus 로고    scopus 로고
    • Have financial statements lost their relevance?
    • doi:10.2307/2491412
    • Francis J, Schipper K (1999) Have financial statements lost their relevance? J Account Res 37(2): 319-352. doi: 10. 2307/2491412.
    • (1999) J Account Res , vol.37 , Issue.2 , pp. 319-352
    • Francis, J.1    Schipper, K.2
  • 32
    • 0032220236 scopus 로고    scopus 로고
    • The relation between nonrecurring accounting transaction and CEO cash compensation
    • Gaver J, Gaver K (1998) The relation between nonrecurring accounting transaction and CEO cash compensation. Account Rev 73(2): 235-253.
    • (1998) Account Rev , vol.73 , Issue.2 , pp. 235-253
    • Gaver, J.1    Gaver, K.2
  • 33
    • 19744363773 scopus 로고    scopus 로고
    • The economic implications of corporate financial reporting
    • doi:10.1016/j.jacceco.2005.01.002
    • Graham JR, Harvey CR, Rajgopal S (2005) The economic implications of corporate financial reporting. J Account Econ 40(1-3): 3-73. doi: 10. 1016/j. jacceco. 2005. 01. 002.
    • (2005) J Account Econ , vol.40 , Issue.1-3 , pp. 3-73
    • Graham, J.R.1    Harvey, C.R.2    Rajgopal, S.3
  • 34
    • 0000139691 scopus 로고
    • Moral hazard and observability
    • doi:10.2307/3003320
    • Holmstrom B (1979) Moral hazard and observability. Bell J Econ 10(1): 74-91. doi: 10. 2307/3003320.
    • (1979) Bell J Econ , vol.10 , Issue.1 , pp. 74-91
    • Holmstrom, B.1
  • 35
    • 0000210848 scopus 로고
    • Market liquidity and performance monitoring
    • doi:10.1086/261893
    • Holmstrom B, Tirole J (1993) Market liquidity and performance monitoring. J Polit Econ 101(4): 678-709. doi: 10. 1086/261893.
    • (1993) J Polit Econ , vol.101 , Issue.4 , pp. 678-709
    • Holmstrom, B.1    Tirole, J.2
  • 36
    • 0036628373 scopus 로고    scopus 로고
    • Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices
    • doi:10.1111/1475-679X.00069
    • Kasznik R, McNichols M (2002) Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices. J Account Res 40(3): 727-759. doi: 10. 1111/1475-679X. 00069.
    • (2002) J Account Res , vol.40 , Issue.3 , pp. 727-759
    • Kasznik, R.1    McNichols, M.2
  • 37
    • 0001849066 scopus 로고
    • An analysis of the use of accounting and market measures of performance on executive compensation contracts
    • Suppl, doi:10.2307/2491081
    • Lambert R, Larcker D (1987) An analysis of the use of accounting and market measures of performance on executive compensation contracts. J Account Res 25(3): 85-125. doi: 10. 2307/2491081 Suppl.
    • (1987) J Account Res , vol.25 , Issue.3 , pp. 85-125
    • Lambert, R.1    Larcker, D.2
  • 38
    • 0030079993 scopus 로고    scopus 로고
    • The capitalization, amortization, and value-relevance of R&D
    • doi:10.1016/0165-4101(95)00410-6
    • Lev B, Sougiannis T (1996) The capitalization, amortization, and value-relevance of R& D. J Account Econ 21(1): 107-138. doi: 10. 1016/0165-4101(95)00410-6.
    • (1996) J Account Econ , vol.21 , Issue.1 , pp. 107-138
    • Lev, B.1    Sougiannis, T.2
  • 39
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton M, Lorsch JW (1992) A modest proposal for improved corporate governance. Bus Lawyer 48(1): 59-77.
    • (1992) Bus Lawyer , vol.48 , Issue.1 , pp. 59-77
    • Lipton, M.1    Lorsch, J.W.2
  • 41
    • 0035995637 scopus 로고    scopus 로고
    • Management's incentives to avoid negative earnings surprises
    • doi:10.2308/accr.2002.77.3.483
    • Matsumoto D (2002) Management's incentives to avoid negative earnings surprises. Account Rev 77(3): 483-514. doi: 10. 2308/accr. 2002. 77. 3. 483.
    • (2002) Account Rev , vol.77 , Issue.3 , pp. 483-514
    • Matsumoto, D.1
  • 42
    • 0002636396 scopus 로고
    • The effects of financial reporting costs on the use of employee stock options
    • Matsunaga S (1995) The effects of financial reporting costs on the use of employee stock options. Account Rev 70(1): 1-26.
    • (1995) Account Rev , vol.70 , Issue.1 , pp. 1-26
    • Matsunaga, S.1
  • 43
    • 0035598330 scopus 로고    scopus 로고
    • The effect of missing a quarterly earnings benchmark on the CEO's annual bonus
    • doi:10.2308/accr.2001.76.3.313
    • Matsunaga S, Park C (2001) The effect of missing a quarterly earnings benchmark on the CEO's annual bonus. Account Rev 76(3): 313-332. doi: 10. 2308/accr. 2001. 76. 3. 313.
    • (2001) Account Rev , vol.76 , Issue.3 , pp. 313-332
    • Matsunaga, S.1    Park, C.2
  • 44
    • 17944372415 scopus 로고    scopus 로고
    • The theory of moral hazard and unobservable behaviour: Part I
    • Note: the paper was completed in October 1975 but never previously published
    • Mirrlees J (1999) The theory of moral hazard and unobservable behaviour: part I. Rev Econ Stud 66(226): 3-21 Note: the paper was completed in October 1975 but never previously published.
    • (1999) Rev Econ Stud , vol.66 , Issue.226 , pp. 3-21
    • Mirrlees, J.1
  • 46
    • 84990385967 scopus 로고    scopus 로고
    • Earnings management: The effect of ex ante earnings expectations
    • Payne JL, Robb SG (2000) Earnings management: the effect of ex ante earnings expectations. J Account Audit Financ 15(4): 371-392.
    • (2000) J Account Audit Financ , vol.15 , Issue.4 , pp. 371-392
    • Payne, J.L.1    Robb, S.G.2
  • 47
    • 11244287728 scopus 로고    scopus 로고
    • The walk-down to beatable analysts' forecasts: The role of equity issuance and insider trading incentives
    • doi:10.1506/KHNW-PJYL-ADUB-0RP6
    • Richardson S, Teoh SH, Wysocki P (2004) The walk-down to beatable analysts' forecasts: the role of equity issuance and insider trading incentives. Contemp Account Res 21(4): 885-924. doi: 10. 1506/KHNW-PJYL-ADUB-0RP6.
    • (2004) Contemp Account Res , vol.21 , Issue.4 , pp. 885-924
    • Richardson, S.1    Teoh, S.H.2    Wysocki, P.3
  • 48
    • 33748458326 scopus 로고    scopus 로고
    • Earnings management through real activities manipulation
    • doi:10.1016/j.jacceco.2006.01.002
    • Roychowdhury S (2006) Earnings management through real activities manipulation. J Account Econ 42(3): 335-370. doi: 10. 1016/j. jacceco. 2006. 01. 002.
    • (2006) J Account Econ , vol.42 , Issue.3 , pp. 335-370
    • Roychowdhury, S.1
  • 49
    • 0009949467 scopus 로고    scopus 로고
    • The influence of firm- and manager-specific characteristics on the structure of executive compensation
    • doi:10.1016/S0929-1199(00)00021-3
    • Ryan HE, Wiggins RA (2001) The influence of firm- and manager-specific characteristics on the structure of executive compensation. J Corp Finance 7: 101-123. doi: 10. 1016/S0929-1199(00)00021-3.
    • (2001) J Corp Finance , vol.7 , pp. 101-123
    • Ryan, H.E.1    Wiggins, R.A.2
  • 50
    • 34249660801 scopus 로고    scopus 로고
    • SEC asks firms to detail top executives' pay
    • Scannell K, Lublin JS (2007) SEC asks firms to detail top executives' pay. The Wall Street J 31: B1.
    • (2007) The Wall Street J , vol.31
    • Scannell, K.1    Lublin, J.S.2
  • 51
    • 77950428247 scopus 로고    scopus 로고
    • Institutional investment horizons and the structure of CEO compensation
    • Working paper, University of Wisconsin-Madison
    • Shin JY (2006) Institutional investment horizons and the structure of CEO compensation. Working paper, University of Wisconsin-Madison.
    • (2006)
    • Shin, J.Y.1
  • 52
    • 52649103582 scopus 로고    scopus 로고
    • Earnings surprises, growth expectations and stock returns, or don't let an earnings torpedo sink your portfolio
    • Skinner D, Sloan R (2002) Earnings surprises, growth expectations and stock returns, or don't let an earnings torpedo sink your portfolio. Rev Account Stud 7(2)/3: 289-312.
    • (2002) Rev Account Stud , vol.7 , Issue.2-3 , pp. 289-312
    • Skinner, D.1    Sloan, R.2
  • 53
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividends, and compensation policies
    • doi:10.1016/0304-405X(92)90029-W
    • Smith C, Watts R (1992) The investment opportunity set and corporate financing, dividends, and compensation policies. J Financ Econ 32(3): 263-292. doi: 10. 1016/0304-405X(92)90029-W.
    • (1992) J Financ Econ , vol.32 , Issue.3 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 54
    • 84960562707 scopus 로고
    • Efficient capital market, inefficient firms: A model of myopic corporate behavior
    • doi:10.2307/2937861
    • Stein J (1989) Efficient capital market, inefficient firms: a model of myopic corporate behavior. Q J Econ 104(4): 655-669. doi: 10. 2307/2937861.
    • (1989) Q J Econ , vol.104 , Issue.4 , pp. 655-669
    • Stein, J.1
  • 55
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • doi:10.1111/0022-1082.00079
    • Teoh SH, Wong TJ (1998) Earnings management and the long-run market performance of initial public offerings. J Finance 53(6): 1935-1974. doi: 10. 1111/0022-1082. 00079.
    • (1998) J Finance , vol.53 , Issue.6 , pp. 1935-1974
    • Teoh, S.H.1    Wong, T.J.2
  • 56
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • doi:10.1016/S0304-405X(98)00032-4
    • Teoh SH, Welch I, Wong TJ (1998) Earnings management and the underperformance of seasoned equity offerings. J Financ Econ 50(1): 63-99. doi: 10. 1016/S0304-405X(98)00032-4.
    • (1998) J Financ Econ , vol.50 , Issue.1 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 57
    • 0000399928 scopus 로고
    • Do corporations award CEO stock options effectively?
    • Yermack D (1995) Do corporations award CEO stock options effectively? J Financ Econ 39(2)/3: 237-269.
    • (1995) J Financ Econ , vol.39 , Issue.2-3 , pp. 237-269
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.