Chris Armstrong

University of Pennsylvania - Accounting Department

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 387

SSRN RANKINGS

Top 387

in Total Papers Downloads

36,062

CITATIONS
Rank 1,573

SSRN RANKINGS

Top 1,573

in Total Papers Citations

355

Scholarly Papers (30)

1.
Downloads 9,157 ( 342)
Citation 66

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
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Colorado - Leeds School of Business and Boston University - Questrom School of Business
Downloads 7,484 (500)
Citation 66

Abstract:

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
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Colorado - Leeds School of Business and Boston University - Questrom School of Business
Downloads 1,673 (6,945)
Citation 66

Abstract:

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 L. Blouin and David F. Larcker
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 2,343 (2,878)
Citation 33

Abstract:

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

3.

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 2,154 (3,750)
Citation 67

Abstract:

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

4.

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
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department, University of Colorado - Leeds School of Business and Stanford University - Graduate School of Business
Downloads 1,895 (3,617)

Abstract:

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

5.

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 Colorado - Leeds School of Business and Stanford University - Graduate School of Business
Downloads 1,528 (7,534)
Citation 77

Abstract:

equity incentives, accounting restatements, propensity score matching

6.

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 University of Pennsylvania - The Wharton School
Downloads 1,520 (7,321)

Abstract:

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

7.

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
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 1,501 (8,489)
Citation 12

Abstract:

corporate governance, executive compensation, compensation consultants

8.

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
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - The Wharton School and University of Pennsylvania - Accounting Department
Downloads 1,391 (6,905)
Citation 22

Abstract:

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

9.

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 Carnegie Mellon University
Downloads 1,246 (10,696)
Citation 2

Abstract:

Expected Return, Information Quality, Uncertainty, Stochastic volatility

10.

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
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and University of Pennsylvania - The Wharton School
Downloads 1,103 (13,931)
Citation 5

Abstract:

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

11.

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 954 (16,161)
Citation 17

Abstract:

Venture-capital, valuation, value relevance, accounting

12.

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 934 (15,754)
Citation 7

Abstract:

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

13.

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 Colorado - Leeds School of Business and Stanford University - Graduate School of Business
Downloads 919 (17,717)
Citation 3

Abstract:

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

14.

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 725 (24,827)
Citation 7

Abstract:

Stock Options, Incentives, Agency Model

15.

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 720 (22,267)

Abstract:

16.

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, London Business School and University of Texas at Dallas - Naveen Jindal School of Management
Downloads 638 (26,393)
Citation 15

Abstract:

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

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, Harvard University - Accounting & Control Unit and Stanford University - Graduate School of Business
Downloads 601 (33,097)
Citation 1

Abstract:

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, Harvard University - Accounting & Control Unit and Stanford University - Graduate School of Business

Abstract:

executive compensation, equity-based compensation, shareholder voting

18.

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 Colorado - Leeds School of Business and Stanford University - Graduate School of Business
Downloads 596 (31,417)
Citation 4

Abstract:

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

19.

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 378 (57,017)
Citation 2

Abstract:

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

20.

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, Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 328 (14,064)

Abstract:

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

21.

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 266 (86,948)

Abstract:

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

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 262 (55,518)

Abstract:

executive compensation, CEO equity incentives, corporate governance

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 135 (169,766)
Citation 1

Abstract:

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 47 (326,307)
Citation 1

Abstract:

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

24.

The Incentives of Equity-Based Compensation and Wealth

Number of pages: 66 Posted: 18 Jun 2008
Chris Armstrong
University of Pennsylvania - Accounting Department
Downloads 161 (135,692)
Citation 1

Abstract:

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

25.

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, University of Pennsylvania - The Wharton School and University of Pennsylvania - Accounting Department
Downloads 160 (93,528)

Abstract:

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

26.

Internal Versus External Earnings per Share Goals and CEO Incentives

Number of pages: 62 Posted: 18 Feb 2017
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 0 (460,592)

Abstract:

Earnings per share (EPS), goal setting, CEO incentives, bonus contracts, analyst forecasts, target ratcheting

27.

Strategic Reactions in Corporate Tax Avoidance

Number of pages: 51 Posted: 23 Dec 2016
Chris Armstrong, Stephen Glaeser and John D. Kepler
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 0 (97,155)

Abstract:

corporate income tax, tax avoidance, industry competition, strategic interaction

28.

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
Chris Armstrong, Wayne R. Guay, Hamid Mehran and Joseph Weber
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department, Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 0 (46,601)
Citation 12

Abstract:

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

29.

The Screening and Incentive Roles of Investment and Performance Covenants

Number of pages: 50 Posted: 30 Oct 2015 Last Revised: 26 Dec 2016
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 0 (100,072)

Abstract:

risk-taking incentives, debt contracting, debt covenants, agency conflicts, risk shifting, moral hazard, adverse selection, screening

30.

Corporate Hedging and the Design of Incentive-Compensation Contracts

Number of pages: 60 Posted: 11 Jan 2017
Chris Armstrong, Stephen Glaeser and Sterling Huang
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and Singapore Management University - School of Accountancy
Downloads 104

Abstract:

Executive Compensation; Contract Design; Equity Incentives; Risk-Taking Incentives; Stock Options; Derivatives; Hedging; Natural Experiment