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【学术通知】香港理工大学会计与金融学院副教授张勇:Rounding of Internal Performance Targets: Determinants and Implications

  • 发布日期:2023-12-06
  • 点击数:

  

喻园管理论坛2023年第102期(总第925期)

演讲主题: Rounding of Internal Performance Targets: Determinants and Implications

主 讲 人: 张   勇,香港理工大学会计与金融学院副教授

主 持 人: 滕   敏,计算金融系副教授

活动时间2023年12月13日(周三)15:00-17:00

活动地点管院大楼107室

主讲人简介:

张勇博士为香港理工大学会计与金融学院副教授,于University of Rochester取得博士学位。研究兴趣包括公司治理、高管薪酬、媒体在金融市场中的作用等。相关研究成果发表在Journal of Accounting Research、Journal of Accounting and Economics等权威期刊上。

活动简介:

We examine the pattern of rounding (placing a zero or five at the penny digit) for earnings-per-share (EPS) performance targets that are used in CEO bonus plans. We find that over 42% of the EPS targets end with a zero or five at the penny location, more than double the unconditional expected percentage of 20%. Analyses indicate that EPS targets are more likely to be rounded when the penny digit is less important, when there is more information uncertainty, and when the compensation committee is more co-opted. As a consequence of the information uncertainty, we predict and find that firms with rounded performance targets are more likely to issue rounded management forecasts and issue management forecasts later in time, and that the issued forecasts exhibit lower accuracy, have a wider range, and convey less information. In addition, management forecasts issued by firms with rounded performance targets are also more conservative, consistent with managers faced with greater information uncertainty giving themselves more leeway to avoid missing their own guidance.

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