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Managerial Opportunism Evidence From Directors And Officers Insurance Purchases
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Book Synopsis Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases by : John Chalmers
Download or read book Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases written by John Chalmers and published by . This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managers choose to spend corporate resources to purchase directors' and officers' liability insurance, which protects directors and officers from personal financial liability in lawsuits brought against the firm and its directors and officers. We investigate whether the amount of Damp;O insurance coverage chosen by managers of IPO firms, and the cost of that insurance, is related to post-IPO abnormal stock price performance. If managers of IPO firms are exploiting superior inside information in bringing their companies public when the expected offering price exceeds managers' private valuation estimate, we hypothesize that the amount of insurance coverage chosen will be related to the post-offering performance of the issuing firm's shares. We analyze a sample of 72 IPO firms that went public between 1992 and 1996 for which we have detailed proprietary information about the amount and cost of Damp;O liability insurance. Consistent with the hypothesis, we find a significant negative relation between the 3-year post-IPO stock price performance and the amount of insurance coverage in place at the IPO date. We also analyze the pricing of Damp;O insurance by the insurers. Insurers charge more for insurance purchases that are larger than would be predicted by observable business risk proxies. However, insurers pool all abnormal insurance purchases together in that they do not distinguish between those who buy abnormally large insurance based on anticipated poor performance and those who buy extra insurance for other reasons (e.g., abnormally high risk aversion). Insurers do, however, appear to charge more to firms that buy more insurance and are subsequently sued, indicating that insurers are able to identify and price abnormal litigation risk. We argue that, similar to insider securities transactions, Damp;O insurance decisions reveal the private information of managers. This provides some motivation to argue that disclosure of the details of Damp;O insurance decisions, as is required in some other countries, is valuable.
Book Synopsis Managerial Opportunism in Accounting Choice by : Narjess Boubakri
Download or read book Managerial Opportunism in Accounting Choice written by Narjess Boubakri and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between the managerial opportunism embedded in earnings management, and Damp;O insurance. We investigate (a) whether managers are more willing to engage in opportunistic behavior by adopting an aggressive earnings management strategy when they are covered by a relatively higher Damp;O insurance limit; (b) whether managers purchase Damp;O insurance coverage in anticipation of opportunistic accounting choice; and (c) whether insurers can distinguish abnormally large insurance purchases driven by opportunism in accounting choice from those driven by abnormal risk aversion. Our evidence strongly supports the managerial opportunism hypothesis in managing earnings. In particular, we find that managers purchase insurance coverage in anticipation of opportunistic earnings management around equity issuing events. We also find that the best insured managers are those who manipulate the most the earnings. Interestingly, we find that the insurers are not myopic to the harms of opportunistic managerial behavior. They are able to detect and charge higher insurance premiums to managers with a hidden opportunistic agenda. Overall, these results suggest that the Damp;O insurance market enhances opportunistic managerial behavior. We do not find any support for the prediction that lower Damp;O insurance premiums are associated with good corporate governance quality.
Book Synopsis Managerial Opportunism and Directors' and Officers' Liability Insurance by : Nabil Ghalleb
Download or read book Managerial Opportunism and Directors' and Officers' Liability Insurance written by Nabil Ghalleb and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Insurance by : Georges Dionne
Download or read book Handbook of Insurance written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2013-12-02 with total page 1133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
Book Synopsis The Cambridge Handbook of Compliance by : Benjamin van Rooij
Download or read book The Cambridge Handbook of Compliance written by Benjamin van Rooij and published by Cambridge University Press. This book was released on 2021-05-20 with total page 1559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compliance has become key to our contemporary markets, societies, and modes of governance across a variety of public and private domains. While this has stimulated a rich body of empirical and practical expertise on compliance, thus far, there has been no comprehensive understanding of what compliance is or how it influences various fields and sectors. The academic knowledge of compliance has remained siloed along different disciplinary domains, regulatory and legal spheres, and mechanisms and interventions. This handbook bridges these divides to provide the first one-stop overview of what compliance is, how we can best study it, and the core mechanisms that shape it. Written by leading experts, chapters offer perspectives from across law, regulatory studies, management science, criminology, economics, sociology, and psychology. This volume is the definitive and comprehensive account of compliance.
Book Synopsis Proceedings of the Sixteenth International Conference on Management Science and Engineering Management – Volume 2 by : Jiuping Xu
Download or read book Proceedings of the Sixteenth International Conference on Management Science and Engineering Management – Volume 2 written by Jiuping Xu and published by Springer Nature. This book was released on 2022-07-13 with total page 840 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers many hot topics, including theoretical and practical research in many areas such as dynamic analysis, machine learning, supply chain management, operations management, environmental management, uncertainty, and health and hygiene. It showcases advanced management concepts and innovative ideas. The 16th International Conference on Management Science and Engineering Management (2022 ICMSEM) will be held in Ankara, Turkey during August 3-6, 2022. ICMSEM has always been committed to promoting innovation management science (M-S) and engineering management (EM) academic research and development. The book provides researchers and practitioners in the field of Management Science and Engineering Management (MSEM) with the latest, cutting-edge thinking and research in the field. It will appeal to readers interested in these fields, especially those looking for new ideas and research directions.
Book Synopsis Research Handbook on Corporate Liability by : Martin Petrin
Download or read book Research Handbook on Corporate Liability written by Martin Petrin and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Research Handbook considers many aspects of corporate liability, beginning with a fundamental explanation of what the company is, through depictions of corporate liability in theory, to the key areas of liability in practice. Interdisciplinary in nature, the contributions cover corporate and participant liability under statutory law, tort and criminal law, and corporate fiduciary and securities law. Specific perspectives include those on vicarious liability in tort and its application to corporations, and accountability for AI labour.
Book Synopsis Corporate Citizenship and New Governance by : Ingo Pies
Download or read book Corporate Citizenship and New Governance written by Ingo Pies and published by Springer Science & Business Media. This book was released on 2011-07-30 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume unites the perspective of business ethics with approaches from strategic management, economics, law, political science, and with philosophical reflections on the theory of Corporate Citizenship and New Governance. In view of the internationalization of the (global) economy and the free movement of capital, new instruments of political coordination are needed. These societal changes trigger the two closely intertwined challenges examined in this book. The first challenge relates to the role and the self-conceptualization of business firms as corporate citizens within society. Companies are increasingly expected to assume the social responsibility of helping to shape the rule-framework of globalization. The second challenge refers to the form of the engagement in local, national and international processes of governance. To more credibly and effectively tackle these challenges, corporate actors are ever more participating in rule-setting processes together with civil society organizations and the government.
Download or read book Journal of Forensic Accounting written by and published by . This book was released on 2005 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management by : Joshua Ronen
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Book Synopsis Is Corporate Governance Risk Valued? by : Léa Stern
Download or read book Is Corporate Governance Risk Valued? written by Léa Stern and published by . This book was released on 2009 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Financial Planning and Forecasting (New Series) Vol．9 by : Cheng F. Lee
Download or read book Advances in Financial Planning and Forecasting (New Series) Vol．9 written by Cheng F. Lee and published by Center for PBBEFR & Ainosco Press. This book was released on 2018-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Planning and Froecasting (New Series) is an annual publication designed to disseminate developments in the area of financial analysis, planning, and forecasting. The publication is a froum for statistical, quantitative, and accounting analyses of issues in financial analysis and planning in terms of finance, accounting, and economic data.
Book Synopsis The Role of Directors' and Officers' Insurance in Financial Reporting and Class Action Securities Litigation by : Irene Y. Kim
Download or read book The Role of Directors' and Officers' Insurance in Financial Reporting and Class Action Securities Litigation written by Irene Y. Kim and published by . This book was released on 2004 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Routledge Companion to Financial Accounting Theory by : Stewart Jones
Download or read book The Routledge Companion to Financial Accounting Theory written by Stewart Jones and published by Routledge. This book was released on 2015-05-22 with total page 791 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.
Book Synopsis Accounting and Litigation Risk by : Zhiyan Cao
Download or read book Accounting and Litigation Risk written by Zhiyan Cao and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study whether and how financial reporting concerns are priced by insurers that sell Directors' and Officers' (Damp;O) insurance to public firms. As Damp;O insurers typically assume the liabilities arising from shareholder litigation, the premiums they charge for Damp;O coverage reflect their assessment of a company's litigation risk. Using a sample of public firms in the 2001-2004 Tillinghast Damp;O insurance surveys, we document that firms with lower earnings quality or prior accounting restatements pay higher premiums after controlling for other factors impacting litigation risk. In addition, insurers' concerns about financial reporting are most evident for firms with restatements that are not revenue or expense related, are greater in the period following the passage of the Sarbanes-Oxley Act of 2002, and are greater for firms with financial reporting problems that linger. Our results are consistent with past restatements being viewed as evidence of chronic problems with a firm's financial statements. By analyzing archival data, we can also quantify the effects of other determinants of Damp;O premiums (such as business risk, corporate governance, etc.) identified by Baker and Griffith (2007a) through interviews regarding the Damp;O underwriting process.
Book Synopsis Journal of Institutional and Theoretical Economics by :
Download or read book Journal of Institutional and Theoretical Economics written by and published by . This book was released on 2006 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Predicting Corporate Governance Risk by : Tom Baker
Download or read book Predicting Corporate Governance Risk written by Tom Baker and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
