{"title":"薪酬重要吗?来自CD&A披露的证据","authors":"Xiumin Martin, Jie Xu, Guofu Zhou","doi":"10.2139/ssrn.3819394","DOIUrl":null,"url":null,"abstract":"We study whether the similarity of firm disclosures on the Compensation Discussion and Analysis (CD&A) has predictability for future stock returns. We find that changes to the language and construction of the CD&As predict firms' future stock returns. A portfolio that longs the CD&A \"non-changers\" and shorts the \"changers\" earns a significant Fama-French 5-factor alpha of 5.86% (annualized), for the period of 2008-2020. We further find that companies with low CD&A similarities invest less in R&D, are more likely to be targeted by short-sellers, and have greater forced CEO turnovers. Our results provide new and strong evidence on the role of executive compensation in the cross-section of stock returns.","PeriodicalId":279731,"journal":{"name":"Corporate Governance: Compensation of Executive & Directors eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does Compensation Matter? Evidence from CD&A Disclosures\",\"authors\":\"Xiumin Martin, Jie Xu, Guofu Zhou\",\"doi\":\"10.2139/ssrn.3819394\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study whether the similarity of firm disclosures on the Compensation Discussion and Analysis (CD&A) has predictability for future stock returns. We find that changes to the language and construction of the CD&As predict firms' future stock returns. A portfolio that longs the CD&A \\\"non-changers\\\" and shorts the \\\"changers\\\" earns a significant Fama-French 5-factor alpha of 5.86% (annualized), for the period of 2008-2020. We further find that companies with low CD&A similarities invest less in R&D, are more likely to be targeted by short-sellers, and have greater forced CEO turnovers. Our results provide new and strong evidence on the role of executive compensation in the cross-section of stock returns.\",\"PeriodicalId\":279731,\"journal\":{\"name\":\"Corporate Governance: Compensation of Executive & Directors eJournal\",\"volume\":\"45 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-04-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance: Compensation of Executive & Directors eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3819394\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance: Compensation of Executive & Directors eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3819394","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Does Compensation Matter? Evidence from CD&A Disclosures
We study whether the similarity of firm disclosures on the Compensation Discussion and Analysis (CD&A) has predictability for future stock returns. We find that changes to the language and construction of the CD&As predict firms' future stock returns. A portfolio that longs the CD&A "non-changers" and shorts the "changers" earns a significant Fama-French 5-factor alpha of 5.86% (annualized), for the period of 2008-2020. We further find that companies with low CD&A similarities invest less in R&D, are more likely to be targeted by short-sellers, and have greater forced CEO turnovers. Our results provide new and strong evidence on the role of executive compensation in the cross-section of stock returns.
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