dc.citation.conferencePlace |
KO |
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dc.citation.conferencePlace |
고려대학교 |
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dc.citation.title |
2019 한국회계학회 동계학술대회 |
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dc.contributor.author |
Hao, Mengshu |
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dc.contributor.author |
Joo, Jeong Hwan |
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dc.date.accessioned |
2024-01-31T23:08:39Z |
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dc.date.available |
2024-01-31T23:08:39Z |
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dc.date.created |
2020-01-24 |
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dc.date.issued |
2019-12-14 |
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dc.description.abstract |
To enhance the alignment of shareholders and managers, companies have been increasingly adopting the anti-hedging policy that prevents managers from hedging their equity incentives. Using the propensity score-matched sample, we find that managers mitigate the effect of the anti-hedging policy on the risk of their equity incentive by smoothing reported earnings and selling their equity for diversification. We find insignificant changes in earnings informativeness, corporate risk-taking, financial misreporting, real activity manipulation, and CEO annual pay components following anti-hedging policy adoptions. Our findings provide implications on the incentive alignment effects of stock-based compensation contracts with anti-hedging provisions. |
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dc.identifier.bibliographicCitation |
2019 한국회계학회 동계학술대회 |
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dc.identifier.uri |
https://scholarworks.unist.ac.kr/handle/201301/78659 |
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dc.language |
영어 |
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dc.publisher |
한국회계학회 |
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dc.title |
Effects of the anti-hedging policy on income smoothing and managerial wealth diversification |
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dc.type |
Conference Paper |
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dc.date.conferenceDate |
2019-12-14 |
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