讲座:CEO Incentives and Future Earnings

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题 目:CEO Incentives and Future Earnings

报告人:Jianxin (James) Gong

主持人:陈亚民 教授 上海交通大学会计系主任

时间:2010622 下午13:30

地点:法华校区安泰104

报告人简介:Jianxin (James) Gong1995年本科毕业于浙江大学,2005年取得南加利福尼亚大学会计学博士学位。现任美国伊利诺斯大学会计系副教授。研究兴趣主要涉及无形资产的管理与计量、高管薪酬、国际会计及财务会计。曾在Strategic Finance杂志上发表多篇文章。

摘要:This study investigates whether CEO incentives are relevant for predicting future earnings. We find that companies with higher CEO equity incentives have higher earnings persistence and that in these companies current year’s earnings are more predictive of future earnings. In an earnings prediction setting, CEO incentives are shown to provide information about future earnings that is incremental to current earnings and earnings components. The predictive power of CEO incentives for future earnings remains robust after we control for a number of correlated variables. Further, we find that CEO incentives are predictive of “real” future earnings, as represented by operating cash flow and non-discretionary accruals, but not of future discretionary accruals. Interestingly, we find that financial analysts do not incorporate information from executive incentives in their forecasts of future earnings. Including CEO incentives can potentially improve analyst forecasts.

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