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Using data about votes emitted by funds in meetings held by United States banks from 2003 to 2013, we apply a genetic algorithm to a set of financial variables in order to detect the determinants of the vote direction.
Our findings indicate that there are three main explanatory factors: the market value of the firm, the shareholder activism measured as the total number of funds voting, and the temporal context, which reflects the influence of recent critical events affecting the banking industry, including bankruptcies, reputational failures, and mergers and acquisitions.
This discussion comment focuses on several fundamental issues that confront researchers examining the backdating scandal and other related decisions.
Journal of Accounting and Economics (December): 105-146.
Journal of Accounting and Economics (April): 55-85. Journal of Accounting and Economics (August-December): 207-240.
Identifying the effect of managerial control on firm performance. Reinsurance and the management of regulatory ratios and taxes in the property-casualty insurance industry.
Revaluations of fixed assets and future firm performance: Evidence from the UK. Bernile and Jarrell provide extensive analysis regarding the impact of backdating the stock option exercise price on stock returns for a sample of firms identified by the Wall Street Journal.Dhaliwal, Erickson, and Heitzman investigate whether executives backdate the exercise date to obtain favorable tax consequences. Journal of Accounting and Economics (February): 73-100. CEO stock option awards and the timing of corporate voluntary disclosures.