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1、外文翻译ChiefExecutiveOfficerEquityIncentivesandAccountingIrregularitiesMaterialSource:SchoolforeignnetsAuthor:GordonEvansThisstudyexaminestherelationbetweenchiefexecutiveofficer(CEO)equityincentivesandaccountingirregularities(i.e.,restatements,SecuritiesandExchangeCommissionAccountingandAuditingEnf
2、orcementActions,andshareholderclassactionlawsuits).Althoughequityholdingsmaymitigatecertainagencyproblemsbetweenexecutivesandshareholders,researchers,regulators,andthebusinesspresshavevoicedconcernsthat“high-powered”equityincentivesmightalsomotivateexecutivestomanipulateaccountinginformationforp
3、ersonalgain.Thisviewassumesthatstockpricesareafunctionofreportedearningsandpositsthatexecutivesmanipulateaccountingearningstoincreasethevalueoftheirpersonalequityholdings.1Ifthisallegationistrueandtheeconomiccostofaccountingmanipulationislarge,thisideahasimportantimplicationsforexecutivecompensa
4、tioncontractdesignandcorporatemonitoringbybothinternalandexternalparties.Althoughatleasttenrecentstudiesexaminetherelationshipbetweenequityincentivesandvarioustypesofaccountingirregularities,aconvergentsetofresultsdoesnotemergefromthisliterature.Inparticular,eightpriorstudiesfiThisstudyexaminest
5、herelationshipbetweenchiefexecutiveofficer(CEO)equityincentivesandaccountingirregularities(i.e.,restatements,SecuritiesandExchangeCommissionAccountingandAuditingEnforcementActions,andshareholderclassactionlawsuits).Thewealthofmostexecutivesishighlyconcentratedinaportfolioofstock,restrictedstock,
6、stockoptions,andhumancapitalthatisdirectlylinkedtochangesinshareholdervalue.Althoughequityholdingsmaymitigatecertainagencyproblemsintheprincipal-agentrelationshipthatexistsbetweenexecutivesandshareholders,researchers,regulators,andthebusinesspresshavevoicedconcernsthat“high-powered”equityincenti
7、vesmightalsomotivateexecutivestomanipulateaccountingindevidenceofapositiverelationship,butevenwithinthisgrouptheevidenceismixedastowhichcomponentsofanexecutive’sequityincentives(e.g.,restrictedstock,unvestedoptionsandvestedo
