Open Access. Powered by Scholars. Published by Universities.®
- Discipline
Articles 1 - 3 of 3
Full-Text Articles in Business
Off The Hook: Does The Supreme Court's Scheme Liability Ruling Benefit Firms In Litigation-Prone Industries?, Candra S. Chahyadi, Menghistu Sallehu
Off The Hook: Does The Supreme Court's Scheme Liability Ruling Benefit Firms In Litigation-Prone Industries?, Candra S. Chahyadi, Menghistu Sallehu
Candra S. Chahyadi
This study measures the impact afthe U.S. Supreme Court's 2008 ruling Stoneridge Investment Partners vs. Scientific-Atlanta on the cumulative abnormal returns and changes in bid-ask spread of firms in litigation-prone industries (computer, electronic, pharmaceuticallbiotech, and retail industries). Although we find, in general, positive CARs around the event, we posit and find that the conditional probability that a firm will commit an accounting misstatement affects both CAR and bid-ask spread The results show that firms with a higher probability of committing financial misstatements experience lower returns around the court's ruling. That is, the ruling increases information asymmetry and uncertainty, and thus …
The Role Of Education And Experience In Cfo Career And Compensation, Candra S. Chahyadi, Bahaa Abusalim
The Role Of Education And Experience In Cfo Career And Compensation, Candra S. Chahyadi, Bahaa Abusalim
Candra S. Chahyadi
We examine the educational and experience backgrounds of chief financial officers (CFOs) of large and medium firms and investigate how measures of education and experience affect CFO career and compensation. We find that, compared to medium firms, large firms have more CFOs with MBA degrees and fewer CFOs with M.Acc degrees or who are also CPAs, suggesting that large firms prefer CFOs with more general knowledge than CFOs with a specific knowledge. We also find that firm size and CFO’s tenure at their current company consistently dominate measures of education and experience in determining CFO compensation.
Not Paying Dividends? A Decomposition Of The Decline In Dividend Payers, Candra S. Chahyadi, Jesus M. Salas
Not Paying Dividends? A Decomposition Of The Decline In Dividend Payers, Candra S. Chahyadi, Jesus M. Salas
Candra S. Chahyadi
Current payout policy literature contends that firms’ propensity to pay dividends declined between 1978 and 1998. Using the Oaxaca decomposition methodology, we measure changes in the propensity to pay dividends between 1978 and 1998. Results suggest that firms today have only a slightly lower propensity to pay dividends. Furthermore, when we also categorize firms that use stock repurchases as dividend payers, we find that 100% of the decline in the proportion of dividend payers can be explained by changes in firm characteristics only. The difference is that firms that firms are now repurchasing stock instead of paying dividends.