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  • 2017
  • Working Paper

Economic Uncertainty and Earnings Management

By: Luke C.D. Stein and Charles C.Y. Wang
In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document empirically that when financial markets are less certain about a firm's... View Details
Keywords: Discretionary Accruals; Uncertainty; Implied Volatility; Earnings Response Coefficient; Risk and Uncertainty; Earnings Management; Financial Markets
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  • December 2005
  • Article

Up to Code: Does Your Company's Conduct Meet World-Class Standards?

By: Lynn Paine, Rohit Deshpandé, Joshua D. Margolis and Kim Eric Bettcher
Codes of conduct have long been a feature of corporate life. Today, they are arguably a legal necessity—at least for public companies with a presence in the United States. But the issue goes beyond U.S. legal and regulatory requirements. Sparked by corruption and... View Details
Keywords: Business Ethics; Standards Of Conduct; Globalized Firms and Management; Cross-Cultural and Cross-Border Issues; Values and Beliefs; Corporate Accountability; Corporate Governance
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  • 18 Aug 2011
  • Working Paper Summaries

Non-Audit Services and Financial Reporting Quality: Evidence from 1978-1980

Keywords: by Kevin Koh, Shivaram Rajgopal & Suraj Srinivasan; Accounting
  • Research Summary

Current Research

Information Dissemination in Capital Markets

 

Seeking to bridge economic theory and the role of individuals, Professor Brochet researches the transmission of information in capital markets. He has investigated the effects of information... View Details
  • 5 Feb 2013
  • Conference Presentation

Financing Entrepreneurial Growth

By: Tom Alberg, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler and Sharon Vosmek

Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.

The Kauffman Foundation addressed current challenges and opportunities in... View Details

Keywords: Finance; Entrepreneurial Finance; Venture Capital; Entrepreneurship; United States
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  • December 2010
  • Article

The Case for Professional Boards

By: Robert C. Pozen
When the world's largest financial institutions had to be rescued from insolvency in 2008, many experts laid the blame at the feet of corporate boards. But insufficient board oversight is a problem that had supposedly been solved in 2002. As the United States... View Details
Keywords: Financial Institutions; Insolvency and Bankruptcy; Governing and Advisory Boards; Failure; Accounting Audits; Quality; Behavior; Legal Liability; Experience and Expertise; Corporate Governance; Governance Controls; Performance Effectiveness; United States
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  • 28 May 2019
  • Research & Ideas

Investor Lawsuits Against Auditors Are Falling, and That's Bad News for Capital Markets

You need checks and balances. The trust we have in our system—we shouldn’t weaken it. That actually will end up hurting us. About the Author Martha Lagace is a writer based in the Boston area. [Image: guvendemir] Related Reading: What Are the Real Lessons of the Wells... View Details
Keywords: by Martha Lagace; Financial Services; Accounting
  • 12 Jul 2004
  • Research & Ideas

Enron’s Lessons for Managers

new rules, such as the documentation of internal controls as dictated by the Sarbanes-Oxley Act, are turning out to be extremely expensive to implement. The new rules for the corporate governance system highlight three assumptions, he... View Details
Keywords: by Martha Lagace
  • 24 Nov 2003
  • Research & Ideas

Boards and Corporate Governance: A Balanced Scorecard Approach

compensation to performance, as they often fail to rein in pay when performance suffers. · Expectations placed on board members have increased. Most notably, Sarbanes-Oxley and the new listing requirements of the public exchanges have... View Details
Keywords: Re: Robert S. Kaplan & Krishna G. Palepu
  • 24 Oct 2005
  • Research & Ideas

Building an IT Governance Committee

because IT issues can affect economic and regulatory matters such as Sarbanes-Oxley compliance. For this reason, it's a good idea to have one audit committee member serve on the IT oversight committee. The charter of the IT committee... View Details
Keywords: by Richard Nolan & Warren McFarlan
  • 11 Jul 2012
  • Research & Ideas

Book Excerpt: ’The Future of Boards’

This director and a handful of others seemed to be struggling with a hangover from the effects of Sarbanes-Oxley and other regulations, which absorbed so much board time a few years ago. To others, the financial crisis itself meant that... View Details
Keywords: by Jay Lorsch
  • 17 Jul 2009
  • Research Event

Business Summit: Ethics in Globalization

followed along and failed to exercise independent judgment. It is difficult or impossible to regulate against greed and against many of the other ethical shortcomings that have been seen. What can be done is to force greater transparency and accountability, a process... View Details
Keywords: Re: Rafael M. Di Tella
  • 05 May 2003
  • Research & Ideas

SEC Commissioner Sees “Healing and Reform”

the Sarbanes-Oxley Act of 2002 in the Senate, said that the new law's value is that it helps eliminate conflicts of interest between auditors and a company's board of directors by decreeing that directors establish an independent... View Details
Keywords: by Catherine Walsh
  • 10 Nov 2009
  • First Look

First Look: Nov. 10

L. Bower Publication:Chap. 9 in Boardroom Realities: Building Leaders Across Your Board, edited by Jay A. Conger, 253-275. Jossey-Bass, 2009 Book link: http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470391782.html Information Content of Insider Trades before and... View Details
Keywords: Martha Lagace
  • 16 Jun 2003
  • Research & Ideas

Surveying the VC Landscape

disclosure of strategic information critical to the companies in the private equity investors' portfolios. Q: What impact has the Sarbanes-Oxley Act had on how VC firms participate on the boards of their portfolio companies? Do you feel... View Details
Keywords: by Ann Cullen; Financial Services
  • 05 Jul 2006
  • Op-Ed

Corporate Governance Activists are Headed in the Wrong Direction

reforms such as the Sarbanes-Oxley Act emphasize oversight enhancement, especially the independence of non-management directors. In U.S. boardrooms today, however, the CEO typically also serves as board chair. Consequently, the boardroom... View Details
Keywords: by Joseph Hinsey
  • 30 Aug 2004
  • Research & Ideas

Mapping Your Board’s Effectiveness

and monitor the CEO, scrutinize the performance of the company's leadership team, oversee financial reporting and disclosure, and ensure compliance with laws and regulations. The recent failures triggered regulatory and legislative responses, including the View Details
Keywords: by Robert S. Kaplan
  • 28 Apr 2003
  • Research & Ideas

Shareholders Key to Corporate Reform

more balanced and comprehensive if management believes that directors might seek an independent opinion. It should be noted that there is a precedent for providing directors with independent funding: The Sarbanes-Oxley Act requires that... View Details
Keywords: by Cynthia A. Montgomery & Rhonda Kaufman
  • 23 Jul 2008
  • Sharpening Your Skills

Sharpening Your Skills: Balanced Scorecard in Action

Scorecard approach to help boards work smarter, not harder. Key concepts include: Reforms such as Sarbanes-Oxley have increased the amount of work that boards need to do. A Balanced Scorecard approach can help boards use their limited... View Details
  • 14 Nov 2011
  • Research & Ideas

Creating a Global Business Code

Interfaith Center on Corporate Responsibility principles, the Sarbanes-Oxley Act, various US Securities and Exchange Commission regulations, and several stock exchange listing rules, as well as the company codes of 14 top global firms.... View Details
Keywords: by Carmen Nobel

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