Chris Armstrong

University of Pennsylvania - Accounting Department

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

  • University of Pennsylvania - Accounting Department

SCHOLARLY PAPERS

38

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46,947

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521

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777

Scholarly Papers (38)

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1.

Market Reaction to the Adoption of IFRS in Europe

Downloads 9,895 ( 557)
Citation 159

Market Reaction to the Adoption of IFRS in Europe

Accounting Review, Forthcoming
Number of pages: 52 Posted: 19 May 2006 Last Revised: 04 Apr 2012
Chris Armstrong, Mary E. Barth, Alan D. Jagolinzer and Eddie Riedl
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Cambridge Judge Business School and Boston University - Questrom School of Business
Downloads 8,106 (781)
Citation 22

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IFRS, IAS 39, Convergence, Europe

Market Reaction to the Adoption of IFRS in Europe

Accounting Review, Forthcoming, Harvard Business School Finance Working Paper No. 09-032, Rock Center for Corporate Governance at Stanford University Working Paper No. 5
Number of pages: 52 Posted: 10 Sep 2008 Last Revised: 04 Apr 2012
Chris Armstrong, Mary E. Barth, Alan D. Jagolinzer and Eddie Riedl
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Cambridge Judge Business School and Boston University - Questrom School of Business
Downloads 1,789 (10,256)
Citation 16

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IFRS, IAS 39, Convergence, Europe

2.

The Incentives for Tax Planning

Journal of Accounting and Economics, Volume 53, Issues 1–2, (Feb–April 2012): 391-411. , Rock Center for Corporate Governance at Stanford University Working Paper No. 56, Stanford Graduate School of Business Research Paper No. 2032
Number of pages: 53 Posted: 10 Jun 2009 Last Revised: 06 Nov 2012
Chris Armstrong, Jennifer Blouin and David F. Larcker
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 3,570 (3,285)
Citation 29

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tax director incentives, effective tax rate, book-tax difference

3.

Corporate Governance, Incentives, and Tax Avoidance

Journal of Accounting and Economics 60 (August 2015): 1–17., Rock Center for Corporate Governance at Stanford University Working Paper No. 136
Number of pages: 43 Posted: 18 Apr 2013 Last Revised: 17 Jul 2015
Chris Armstrong, Jennifer Blouin, Alan D. Jagolinzer and David F. Larcker
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department, University of Cambridge Judge Business School and Stanford University - Graduate School of Business
Downloads 3,528 (3,345)
Citation 70

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Tax aggressiveness, FIN 48, tax avoidance, CEO incentives, corporate governance

4.

The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

Number of pages: 174 Posted: 21 Mar 2010 Last Revised: 16 Nov 2011
Chris Armstrong, Wayne R. Guay and Joseph Weber
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 2,808 (4,956)
Citation 154

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financial accounting, corporate governance, board structure, contracting, executive compensation, debt contracts, informal contracts

5.

When Does Information Asymmetry Affect the Cost of Capital?

Journal of Accounting Research, Forthcoming
Number of pages: 56 Posted: 25 Oct 2010 Last Revised: 09 Mar 2015
Chris Armstrong, John E. Core, Daniel J. Taylor and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 1,888 (9,617)
Citation 6

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information asymmetry, cost of capital, market competition, expected returns

6.

Chief Executive Officer Equity Incentives and Accounting Irregularities

Rock Center for Corporate Governance at Stanford University Working Paper No. 4, Journal of Accounting Research, Chicago, Vol. 48, No. 2, p. 225, May 2010
Number of pages: 69 Posted: 12 May 2008 Last Revised: 04 Apr 2012
Chris Armstrong, Alan D. Jagolinzer and David F. Larcker
University of Pennsylvania - Accounting Department, University of Cambridge Judge Business School and Stanford University - Graduate School of Business
Downloads 1,786 (10,488)
Citation 36

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equity incentives, accounting restatements, propensity score matching

7.

Abnormal Accruals in Newly Public Companies: Opportunistic Misreporting or Economic Activity?

Management Science, Forthcoming
Number of pages: 48 Posted: 18 Jun 2008 Last Revised: 06 Feb 2015
Chris Armstrong, George Foster and Daniel J. Taylor
University of Pennsylvania - Accounting Department, Stanford Graduate School of Business and The Wharton School, University of Pennsylvania
Downloads 1,761 (10,738)
Citation 32

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Misreporting; Earnings Management; Financial Reporting Quality; Accruals; Incentives; Insider Trading; Initial Public Offering; New Issues Puzzle; Investment

8.

The Role of Information and Financial Reporting in Corporate Governance: A Review of the Evidence and the Implications for Banking Firms and the Financial Services Industry

Economic Policy Review, Forthcoming
Number of pages: 52 Posted: 02 Jun 2015
Chris Armstrong, Wayne R. Guay, Hamid Mehran and Joseph Weber
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department, Independent and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,728 (11,075)
Citation 1

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financial accounting; corporate governance; board structure; contracting; executive compensation; informal contracts; financial institutions; information asymmetry; corporate transparency

9.

Economic Characteristics, Corporate Governance, and the Influence of Compensation Consultants on Executive Pay Levels

Rock Center for Corporate Governance Working Paper No. 15, Review of Accounting Studies, Vol. 17, No. 2, June 2012
Number of pages: 62 Posted: 15 Jun 2008 Last Revised: 12 Sep 2013
Chris Armstrong, Christopher D. Ittner and David F. Larcker
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 1,627 (12,194)
Citation 20

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corporate governance, executive compensation, compensation consultants

10.

The Role of Financial Reporting and Transparency in Corporate Governance

Economic Policy Review, Issue Aug, pp. 107-128, 2016
Number of pages: 22 Posted: 23 Aug 2016 Last Revised: 16 Dec 2017
Chris Armstrong, Wayne R. Guay, Hamid Mehran and Joseph Weber
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department, Independent and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,531 (13,393)
Citation 1

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financial accounting, corporate governance, board structure, contracting, executive compensation, informal contracts, financial institutions, information asymmetry, corporate transparency

11.

Factor-Loading Uncertainty and Expected Returns

AFA 2010 Atlanta Meetings Paper
Number of pages: 52 Posted: 12 Nov 2008 Last Revised: 13 Sep 2012
Chris Armstrong, Snehal Banerjee and Carlos Corona
University of Pennsylvania - Accounting Department, University of California, San Diego (UCSD) - Rady School of Management and Ohio State University (OSU) - Department of Accounting & Management Information Systems
Downloads 1,394 (15,546)
Citation 6

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Expected Return, Information Quality, Uncertainty, Stochastic volatility

12.

The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives

Journal of Financial Economics (JFE), 109 (August 2013): 327-350., Rock Center for Corporate Governance at Stanford University Working Paper No. 126, Stanford Graduate School of Business Research Paper No. 2120
Number of pages: 61 Posted: 21 Oct 2012 Last Revised: 08 Jun 2013
Chris Armstrong, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 1,236 (18,650)
Citation 63

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Equity Incentives, Executive Compensation, Misreporting, Earnings Management, Restatements, SEC Enforcement Actions

13.

Executive Stock Options, Differential Risk-Taking Incentives, and Firm Value

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 53 Posted: 21 Dec 2009 Last Revised: 04 Apr 2012
Chris Armstrong and Rahul Vashishtha
University of Pennsylvania - Accounting Department and Duke University
Downloads 1,157 (20,598)
Citation 14

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Equity Incentives, Stock Options, Firm Value, Systematic and Idiosyncratic Risk, Risk-Taking Incentives, Executive Compensation

14.

Venture-Backed Private Equity Valuation and Financial Statement Information

Review of Accounting Studies, Forthcoming
Number of pages: 51 Posted: 24 Aug 2005
Chris Armstrong, Tony Davila and George Foster
University of Pennsylvania - Accounting Department, University of Navarra - IESE Business School and Stanford Graduate School of Business
Downloads 1,072 (23,087)
Citation 8

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Venture-capital, valuation, value relevance, accounting

15.

Strategic Reactions in Corporate Tax Planning

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 64 Posted: 23 Dec 2016 Last Revised: 19 Apr 2019
Chris Armstrong, Stephen Glaeser and John D. Kepler
University of Pennsylvania - Accounting Department, University of North Carolina (UNC) at Chapel Hill - Accounting Area and Stanford Graduate School of Business
Downloads 1,025 (24,650)
Citation 9

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Corporate Income Tax; Tax Planning; Industry Competition; Strategic Interaction; Tax Havens; Difference-In-Differences; Partially-Overlapping Groups; Reflection Problem

16.

Timing of Employee Stock Option Exercises and the Cost of Stock Option Grants

Rock Center for Corporate Governance Working Paper No. 34
Number of pages: 49 Posted: 01 Jun 2006 Last Revised: 04 Apr 2012
Chris Armstrong, Alan D. Jagolinzer and David F. Larcker
University of Pennsylvania - Accounting Department, University of Cambridge Judge Business School and Stanford University - Graduate School of Business
Downloads 995 (25,717)
Citation 21

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Option expense, employee option exercise, SFAS 123, stock option cost, survival analysis

17.

Do Independent Directors Cause Improvements in Firm Transparency?

Number of pages: 54 Posted: 01 Apr 2012 Last Revised: 27 Aug 2013
Chris Armstrong, John E. Core and Wayne R. Guay
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 918 (28,883)
Citation 30

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18.

Corporate Governance and the Information Environment: Evidence from State Antitakeover Laws

Journal of Accounting & Economics (JAE), Forthcoming.
Number of pages: 51 Posted: 10 Mar 2010 Last Revised: 15 Nov 2011
Chris Armstrong, Karthik Balakrishnan and Daniel A. Cohen
University of Pennsylvania - Accounting Department, Rice University - Jesse H. Jones Graduate School of Business and Texas A&M University College Station
Downloads 812 (34,277)
Citation 19

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antitakeover laws, corporate governance, financial reporting quality, information asymmetry

19.

Stock Options and Chief Executive Officer Compensation

Operations Research, Vol. 58, No. 4, Part 2 of 2, July–August 2010, pp. 1090–1106, Rock Center for Corporate Governance Working Paper No. 27
Number of pages: 48 Posted: 21 May 2007 Last Revised: 06 Nov 2012
Chris Armstrong, David F. Larcker and Che-Lin Su
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business and University of Chicago - Booth School of Business
Downloads 791 (35,501)
Citation 10

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Stock Options, Incentives, Agency Model

20.

Accounting Quality and the Transmission of Monetary Policy

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 73 Posted: 16 Mar 2017 Last Revised: 19 Nov 2020
Chris Armstrong, Stephen Glaeser and John D. Kepler
University of Pennsylvania - Accounting Department, University of North Carolina (UNC) at Chapel Hill - Accounting Area and Stanford Graduate School of Business
Downloads 715 (40,774)
Citation 3

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monetary policy, federal funds rate, balance sheet channel, accounting quality, financial reporting, information asymmetry, agency conflicts, event study, financial intermediation

21.

Performance-Based Incentives for Internal Monitors

Rock Center for Corporate Governance at Stanford University Working Paper Series No. 76 , Stanford University Graduate School of Business Research Paper No. 2052
Number of pages: 42 Posted: 16 Feb 2010 Last Revised: 04 Apr 2012
Chris Armstrong, Alan D. Jagolinzer and David F. Larcker
University of Pennsylvania - Accounting Department, University of Cambridge Judge Business School and Stanford University - Graduate School of Business
Downloads 696 (42,253)
Citation 15

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performance-based incentives, internal monitors, general counsel, accounting irregularities

22.

Why Do CEOs Hold So Much Equity?

Number of pages: 46 Posted: 04 Jan 2015 Last Revised: 25 Jul 2015
Chris Armstrong, John E. Core and Wayne R. Guay
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 668 (44,693)

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executive compensation, CEO equity incentives, corporate governance

23.

Earnings per Share Goals and CEO Incentives

Simon Business School Working Paper No. FR 17-09
Number of pages: 60 Posted: 18 Feb 2017 Last Revised: 28 Jul 2020
Chris Armstrong, Jacky Chau, Christopher D. Ittner and Jason J. Xiao
University of Pennsylvania - Accounting Department, The Chinese University of Hong Kong (CUHK) - CUHK Business School, University of Pennsylvania - Accounting Department and University of Rochester - Simon Business School
Downloads 648 (46,568)

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Earnings per share (EPS); earnings targets; CEO incentives; bonus contracts; analyst forecasts; meet or beat

24.

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Downloads 631 ( 48,209)
Citation 22

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Journal of Accounting Research, Vol. 51, Issue 5, pages 909-950, December 2013, Rock Center for Corporate Governance at Stanford University Working Paper No. 112, Stanford University Graduate School of Business Research Paper No. 2997
Number of pages: 50 Posted: 14 Mar 2012 Last Revised: 26 Oct 2013
Chris Armstrong, Ian D. Gow and David F. Larcker
University of Pennsylvania - Accounting Department, University of Melbourne and Stanford University - Graduate School of Business
Downloads 631 (47,554)
Citation 24

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executive compensation, equity-based compensation, shareholder voting

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Stanford University Graduate School of Business Research Paper No. 13-14, Journal of Accounting Research, Vol. 51, No. 5, 2013
Posted: 28 Nov 2013
Chris Armstrong, Ian D. Gow and David F. Larcker
University of Pennsylvania - Accounting Department, University of Melbourne and Stanford University - Graduate School of Business

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executive compensation, equity-based compensation, shareholder voting

25.

The Economics of Managerial Taxes and Corporate Risk-Taking

The Accounting Review, Forthcoming, Singapore Management University School of Accountancy Research Paper Series Vol. 6, No. 3 Paper No 2018-87
Number of pages: 68 Posted: 24 Oct 2017 Last Revised: 12 Nov 2019
Chris Armstrong, Stephen Glaeser, Sterling Huang and Daniel J. Taylor
University of Pennsylvania - Accounting Department, University of North Carolina (UNC) at Chapel Hill - Accounting Area, Singapore Management University - School of Accountancy and The Wharton School, University of Pennsylvania
Downloads 607 (50,709)
Citation 11

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Corporate risk-taking; risky investment; risk-taking incentives; personal income taxes; federal income taxes; state income taxes; agency conflict

26.

Controllability of Risk and the Design of Incentive-Compensation Contracts

Singapore Management University School of Accountancy Research Paper No. 2017-55
Number of pages: 76 Posted: 11 Jan 2017 Last Revised: 29 Jun 2020
Chris Armstrong, Stephen Glaeser and Sterling Huang
University of Pennsylvania - Accounting Department, University of North Carolina (UNC) at Chapel Hill - Accounting Area and Singapore Management University - School of Accountancy
Downloads 489 (66,477)
Citation 3

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executive compensation; contract design; equity incentives; risk-taking incentives; stock options; derivatives; hedging; natural experiment; Controllability

27.

Supply Constraints and Directors’ Reputational Incentives

Number of pages: 54 Posted: 26 Jun 2017 Last Revised: 11 Jun 2020
Chris Armstrong, John D. Kepler, Shawn X. Shi and David Tsui
University of Pennsylvania - Accounting Department, Stanford Graduate School of Business, Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 427 (78,471)
Citation 1

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Board of directors; director incentives; career concerns; director labor market; principal-agent; corporate governance

28.

Endogenous Selection and Moral Hazard in Executive Compensation Contracts

Operation Research Part-2, Vol. 58, No. 4, pp. 1090-1106, July-August 2010, Rock Center for Corporate Governance at Stanford University Working Paper No. 73
Number of pages: 46 Posted: 17 Feb 2010 Last Revised: 04 Apr 2012
Chris Armstrong, David F. Larcker and Che-Lin Su
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business and University of Chicago - Booth School of Business
Downloads 424 (79,121)

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Generalized Principal Agent Model, Adverse Selection, Moral Hazard, Executive Compensation, Mathematical Programs with Equilibrium Constraints

29.

The Screening Role of Covenant Heterogeneity

Number of pages: 70 Posted: 30 Oct 2015 Last Revised: 01 May 2020
Chris Armstrong, Carlo Maria Gallimberti and David Tsui
University of Pennsylvania - Accounting Department, Boston College and University of Southern California - Marshall School of Business
Downloads 404 (83,716)

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risk-taking incentives; debt contracting; debt covenants; covenant violations; agency conflicts; risk shifting; moral hazard; adverse selection; screening; credit spreads

30.

Asymmetric Reporting

Journal of Financial Reporting, Forthcoming
Number of pages: 45 Posted: 11 Mar 2015 Last Revised: 05 Sep 2015
Chris Armstrong, Daniel J. Taylor and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 347 (99,683)
Citation 5

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asymmetric reporting; reporting precision; the CAPM; Beta; systematic risk; cost of capital

31.

U.S. Public and Private Venture Capital Markets, 1998-2001: A Fundamental Information Analysis

IESE Business School Working Paper No. 599
Number of pages: 57 Posted: 16 Jan 2006
Chris Armstrong, Tony Davila, George Foster and John R. M. Hand
University of Pennsylvania - Accounting Department, University of Navarra - IESE Business School, Stanford Graduate School of Business and University of North Carolina Kenan-Flagler Business School
Downloads 287 (122,550)
Citation 2

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capital markets, stock prices, internet stocks, stock market bubble

32.

Market-to-Revenue Multiples in Public and Private Capital Markets

Downloads 217 (161,982)
Citation 4

Market-to-Revenue Multiples in Public and Private Capital Markets

Number of pages: 57 Posted: 30 Mar 2011
Chris Armstrong, Tony Davila, George Foster and John R. M. Hand
University of Pennsylvania - Accounting Department, University of Navarra - IESE Business School, Stanford Graduate School of Business and University of North Carolina Kenan-Flagler Business School
Downloads 165 (207,403)
Citation 4

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Market-to-Revenue Multiple, Price-to-Sales Ratio, Public Companies, Private Companies, Venture Capital, Internet Companies, Transitory Revenue

Market-to-Revenue Multiples in Public and Private Capital Markets

Australian Journal of Management, Vol. 36, No. 1, pp. 15-57, 2011
Number of pages: 44 Posted: 05 May 2011
Chris Armstrong, Tony Davila, George Foster and John R. M. Hand
University of Pennsylvania - Accounting Department, University of Navarra - IESE Business School, Stanford Graduate School of Business and University of North Carolina Kenan-Flagler Business School
Downloads 52 (442,248)

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internet companies, market-to-revenue multiple, price/sales ratio, private companies, public companies, transitory revenue, venture capital

33.

The Incentives of Equity-Based Compensation and Wealth

Number of pages: 66 Posted: 18 Jun 2008
Chris Armstrong
University of Pennsylvania - Accounting Department
Downloads 205 (170,953)
Citation 4

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Equity Incentives, Executive Compensation, Stock Options, Random Utility Model, Simulated Maximum Likelihood

34.

Theory, Research Design Assumptions, and Causal Inferences

Journal of Accounting & Economics (JAE), Vol. 66, No. 2-3, 2018
Number of pages: 23 Posted: 02 Jul 2019
Chris Armstrong and John D. Kepler
University of Pennsylvania - Accounting Department and Stanford Graduate School of Business
Downloads 201 (174,202)
Citation 3

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Causal inference; quasi-natural experiments; disclosure theory

35.

Unemployment Risk and Debt Contract Design

Number of pages: 54 Posted: 05 Dec 2018
Chris Armstrong, Daniel A. Cohen, Nir Yehuda and Xiaolu Zhou
University of Pennsylvania - Accounting Department, Texas A&M University College Station, University of Delaware - Accounting & MIS and University of Texas at Dallas
Downloads 200 (174,943)

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Unemployment, Debt Contract Design

36.

Are CEOs’ Purchases More Profitable Than They Appear?

Number of pages: 58 Posted: 09 Oct 2020
Chris Armstrong, Terrence Blackburne and Phillip J. Quinn
University of Pennsylvania - Accounting Department, Oregon State University and University of Washington - Foster School of Business
Downloads 101 (301,299)

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Insider Trading, Private Information, CEO Turnover, Incentive Contracting, Signalling

37.

Intellectual Property Rights, Holdup, and the Incentives for Innovation Disclosure

Number of pages: 41 Posted: 07 Jan 2021
Chris Armstrong, Stephen Glaeser and Stella Y. Park
University of Pennsylvania - Accounting Department, University of North Carolina (UNC) at Chapel Hill - Accounting Area and University of Pennsylvania - The Wharton School
Downloads 94 (315,587)

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corporate innovation, disclosure, holdup

38.

Executive Stock Options and Systemic Risk

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 47 Posted: 01 May 2020 Last Revised: 21 Sep 2020
Chris Armstrong, Allison Nicoletti and Frank Zhou
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Pennsylvania - The Wharton School
Downloads 64 (394,007)

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Executive compensation; Equity incentives; Systemic risk; Business cycles