Wayne R. Guay

University of Pennsylvania - Accounting Department

Yageo Professor of Accounting

3641 Locust Walk

1329 Steinberg-Dietrich Hall

Philadelphia, PA 19104-6365

United States

  • University of Pennsylvania - Accounting Department

    • Email
    • Tel: 215-898-7775
    • Fax: 215-573-2054
SCHOLARLY PAPERS

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Scholarly Papers (58)

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1.

Executive Equity Compensation and Incentives: A Survey

Downloads 12,515 ( 411)
Citation 50

Executive Equity Compensation and Incentives: A Survey

Number of pages: 62 Posted: 22 Jul 2001
Wayne R. Guay, John E. Core and David F. Larcker
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Stanford University - Graduate School of Business
Downloads 7,116 (1,128)
Citation 15

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Executive compensation; Stock options; Equity incentives; Corporate governance

Executive Equity Compensation and Incentives: A Survey

Economic Policy Review, Vol. 9, No. 1, April 2003
Number of pages: 24 Posted: 06 Sep 2005
John E. Core, Wayne R. Guay and David F. Larcker
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 5,399 (1,778)
Citation 8

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Executive compensation, stock options, equity incentives, corporate governance

2.

How Much Do Firms Hedge with Derivatives?

Downloads 4,540 ( 2,471)
Citation 38

How Much Do Firms Hedge with Derivatives?

Number of pages: 58 Posted: 27 Mar 2001
Wayne R. Guay and S.P. Kothari
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 2,681 (5,995)
Citation 35

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derivatives, hedging, risk management, risk exposure

How Much Do Firms Hedge with Derivatives?

Number of pages: 52 Posted: 13 Dec 2000
Wayne R. Guay and S.P. Kothari
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,859 (10,849)

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Derivatives; Hedging; Risk management; Exposure

How Much Do Firms Hedge with Derivatives?

Posted: 31 Mar 2003
Wayne R. Guay and S.P. Kothari
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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risk management, derivatives instruments, hedging

3.

Tax Aggressiveness and Corporate Transparency

Number of pages: 67 Posted: 27 Mar 2011 Last Revised: 15 Jul 2017
Karthik Balakrishnan, Jennifer Blouin and Wayne R. Guay
Rice University - Jesse H. Jones Graduate School of Business, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 4,094 (2,972)
Citation 112

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Tax aggressiveness, tax planning, information content, earnings quality

4.

Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility

Downloads 3,041 ( 4,963)
Citation 96

Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility

Posted: 10 Nov 1998
Wayne R. Guay and John E. Core
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 3,041 (4,867)
Citation 96

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Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility

Posted: 17 Feb 2002
Wayne R. Guay and John E. Core
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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Employee stock options; Incentives; Executive compensation

5.

Properties of Implied Cost of Capital Using Analysts' Forecasts

Australian Journal of Management, Vol. 36, p. 125, 2011, MIT Sloan Working Paper No. 4422-03
Number of pages: 26 Posted: 15 Sep 2003 Last Revised: 17 Aug 2012
Wayne R. Guay, S.P. Kothari and Susan Shu
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Boston College - Carroll School of Management
Downloads 2,992 (5,115)
Citation 56

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Cost of Capital, Implied Cost of Capital, Analysts' Forecasts, Discount Rate

6.

Discussion of Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers

Downloads 2,988 ( 5,128)

Discussion of Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers

Number of pages: 15 Posted: 05 Jan 2001
Wayne R. Guay
University of Pennsylvania - Accounting Department
Downloads 2,988 (5,031)

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Capital markets; Market efficiency; Anomalies; Valuation; Fundamental analysis

Discussion of Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers

Posted: 05 Jan 2001
Wayne R. Guay
University of Pennsylvania - Accounting Department

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Capital markets; Market efficiency; Anomalies; Valuation; Fundamental analysis

7.

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 2,854 (5,508)
Citation 165

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

8.

Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations

Downloads 2,722 ( 5,961)
Citation 94

Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations

Number of pages: 51 Posted: 21 Apr 2004
John E. Core, Wayne R. Guay and Tjomme O. Rusticus
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Hong Kong Polytechnic University - School of Accounting and Finance
Downloads 2,722 (5,847)
Citation 94

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Corporate Governance, Market Efficiency, Analysts

Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations

Journal of Finance, Vol. 61, No. 2, April 2006
Posted: 19 Jan 2005
John E. Core, Wayne R. Guay and Tjomme O. Rusticus
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Hong Kong Polytechnic University - School of Accounting and Finance

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Corporate governance, market efficiency, analysts

9.

Is U.S. CEO Compensation Inefficient Pay Without Performance?

Vanderbilt Law and Economics Research Paper No. 05-05, 103 Michigan Law Review 1142 (2005)
Number of pages: 45 Posted: 14 Jan 2005 Last Revised: 06 Sep 2017
John E. Core, Wayne R. Guay, Randall S. Thomas and Randall S. Thomas
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management
Downloads 2,678 (6,120)
Citation 29

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CEO compensation, stock options, equity incentives, corporate governance

10.

Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading?

Downloads 2,501 ( 6,828)

Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading?

Number of pages: 41 Posted: 20 Apr 2004
John E. Core, Wayne R. Guay, Scott A. Richardson and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department, AQR Capital Management, LLC and Massachusetts Institute of Technology (MIT)
Downloads 2,501 (6,704)
Citation 17

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Accruals, SUE, share repurchases, insider trading

Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading?

Review of Accounting Studies, Vol. 11, No. 1, pp. 49-70, 2006
Posted: 11 Aug 2005 Last Revised: 23 Jan 2012
John E. Core, Wayne R. Guay, Scott A. Richardson and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department, AQR Capital Management, LLC and Massachusetts Institute of Technology (MIT)

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Accruals, SUE, share repurchases, insider trading

11.

The Economic Dilution of Employee Stock Options: Diluted Eps for Valuation and Financial Reporting

Downloads 2,403 ( 7,270)
Citation 7

The Economic Dilution of Employee Stock Options: Diluted Eps for Valuation and Financial Reporting

Number of pages: 44 Posted: 27 Oct 1999
John E. Core, Wayne R. Guay and S.P. Kothari
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 2,403 (7,139)
Citation 7

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The Economic Dilution of Employee Stock Options: Diluted Eps for Valuation and Financial Reporting

Posted: 26 Mar 2002
John E. Core, Wayne R. Guay and S.P. Kothari
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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Employee stock options, Dilution, Diluted earnings per share, Earnings response coefficients, Equity valuation

12.

Market Valuations in the New Economy: An Investigation of What Has Changed

Downloads 2,381 ( 7,385)

Market Valuations in the New Economy: An Investigation of What Has Changed

Number of pages: 44 Posted: 18 Mar 2001
John E. Core, Wayne R. Guay and Andrew Van Buskirk
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Ohio State University (OSU) - Department of Accounting & Management Information Systems
Downloads 2,381 (7,252)
Citation 16

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Market Valuations in the New Economy: An Investigation of What Has Changed

Posted: 04 Mar 2003
John E. Core, Wayne R. Guay and Andrew Van Buskirk
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Ohio State University (OSU) - Department of Accounting & Management Information Systems

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capital markets, equity valuation, New Economy

13.

Stock Option Plans for Non-Executive Employees

Downloads 2,283 ( 7,930)
Citation 41

Stock Option Plans for Non-Executive Employees

Number of pages: 50 Posted: 15 Feb 2000
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,192 (21,603)
Citation 27

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Stock Option Plans for Non-Executive Employees

Number of pages: 49 Posted: 08 Dec 2000
Wayne R. Guay and John E. Core
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,091 (24,627)
Citation 17

Abstract:

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Employee stock options, Compensation, Equity incentives

Stock Option Plans for Non-Executive Employees

Posted: 08 Dec 2000
Wayne R. Guay and John E. Core
University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT) - Sloan School of Management

Abstract:

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Employee stock options, Compensation, Equity incentives

14.

The Power of the Pen and Executive Compensation

Downloads 2,121 ( 8,888)

The Power of the Pen and Executive Compensation

Number of pages: 54 Posted: 07 Nov 2005
John E. Core, Wayne R. Guay and David F. Larcker
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business
Downloads 2,121 (8,721)
Citation 42

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press, media, executive compensation, corporate governance

The Power of the Pen and Executive Compensation

Journal of Financial Economics Vol. 88, No. 1 (April, 2008), pp. 1-25
Posted: 17 Sep 2007
John E. Core, Wayne R. Guay and David F. Larcker
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Stanford University - Graduate School of Business

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press, media, executive compensation, corporate governance

15.

Conservative Disclosure

Number of pages: 45 Posted: 22 Jun 2007 Last Revised: 10 Dec 2017
Wayne R. Guay and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,871 (10,930)
Citation 40

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financial reporting, conservatism, timeliness of loss and gain recognition, contracting, corporate governance, debt contracts

16.

The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation: A Revised Comment

Number of pages: 34 Posted: 04 Dec 2001
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,806 (11,583)
Citation 56

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incentives, risk, uncertainty, standard agency model, managerial ownership

17.

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 1,800 (11,653)
Citation 2

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

18.

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 1,677 (13,010)
Citation 1

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

19.

Have the Tax Benefits of Debt Been Overestimated?

Number of pages: 56 Posted: 05 Apr 2008 Last Revised: 15 Nov 2011
Jennifer Blouin, 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 1,636 (13,526)
Citation 26

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capital structure, debt, marginal tax rates, corporate taxes

20.

Is Accruals Quality a Priced Risk Factor?

Downloads 1,612 ( 13,854)

Is Accruals Quality a Priced Risk Factor?

Number of pages: 50 Posted: 28 Jun 2006 Last Revised: 16 Nov 2011
John E. Core, Wayne R. Guay and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)
Downloads 1,612 (13,606)
Citation 50

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Asset pricing tests, Accruals quality, Information risk, Portfolio theory and diversification

Is Accruals Quality a Priced Risk Factor?

Journal of Accounting & Economics (JAE), Vol. 46, No. 1, pp. 2-22, 2008
Posted: 23 Aug 2007 Last Revised: 23 Jan 2012
John E. Core, Wayne R. Guay and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)

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Asset-pricing tests, Accruals quality, Information risk, Portfolio theory and diversification

21.

Are Us CEOS Paid More than UK CEOS? Inferences from Risk-Adjusted Pay

Number of pages: 51 Posted: 12 Jun 2006 Last Revised: 16 Nov 2011
Martin J. Conyon, John E. Core and Wayne R. Guay
Bentley University, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,554 (14,638)
Citation 40

Abstract:

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CEO compensation, equity incentives, corporate governance, international comparisons

22.

Are Performance Measures Other than Price Important to CEO Incentives?

Number of pages: 46 Posted: 20 Apr 2000
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,487 (15,754)
Citation 18

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23.

Guiding Through the Fog: Financial Statement Complexity and Voluntary Disclosure

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 80 Posted: 14 Feb 2015 Last Revised: 27 Oct 2016
Wayne R. Guay, Delphine Samuels and Daniel J. Taylor
University of Pennsylvania - Accounting Department, University of Chicago -- Booth School of Business and The Wharton School, University of Pennsylvania
Downloads 1,485 (15,798)
Citation 68

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financial statement complexity, voluntary disclosure, information environment

24.

Is There a Case for Regulating Executive Pay in the Financial Services Industry?

Number of pages: 41 Posted: 30 Jan 2010
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,371 (17,840)
Citation 31

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executive compensation, equity incentives, corporate governance, regulation, financial services industry

25.

The Use of Equity Grants to Manage Optimal Equity Incentive Levels

Number of pages: 47 Posted: 10 Nov 1998 Last Revised: 19 Feb 2015
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,350 (18,248)
Citation 60

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26.

Discussion of Ball and Shivakumar (2005): The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition

Number of pages: 21 Posted: 22 Dec 2005
Wayne R. Guay
University of Pennsylvania - Accounting Department
Downloads 1,310 (19,041)

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conservatism, expected accruals, discretionary accruals

27.

The Cash Flow Permanence and Information Content of Dividend Increases vs. Repurchases

Number of pages: 41 Posted: 24 Jan 1999
Wayne R. Guay and Jarrad Harford
University of Pennsylvania - Accounting Department and University of Washington
Downloads 1,133 (23,690)
Citation 5

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28.

The Role of the Business Press as an Information Intermediary

Downloads 1,024 ( 27,434)
Citation 125

The Role of the Business Press as an Information Intermediary

Number of pages: 26 Posted: 01 Feb 2007 Last Revised: 22 Nov 2011
Brian J. Bushee, John E. Core, Wayne R. Guay and Sophia Hamm
University of Pennsylvania - The Wharton School, Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Tulane University - A.B. Freeman School of Business
Downloads 1,024 (27,022)
Citation 126

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Business Press, Information Asymmetry, Information Intermediaries, Earnings Announcements

The Role of the Business Press as an Information Intermediary

Journal of Accounting Research, Vol. 48, No. 1, March 2010
Posted: 23 Nov 2011
Brian J. Bushee, John E. Core, Wayne R. Guay and Sophia Hamm
University of Pennsylvania - The Wharton School, Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Tulane University - A.B. Freeman School of Business

Abstract:

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Business Press, Information Asymmetry, Information Intermediaries, Earnings Announcement

29.

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Downloads 1,006 ( 28,151)

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Number of pages: 44 Posted: 30 Aug 2002
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,006 (27,721)
Citation 33

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agency theory, cash pay, total compensation, equity incentives

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Posted: 24 Jun 2003
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department

Abstract:

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agency theory, cash pay, total compensation, equity incentives

30.

Is Pay Too High and are Incentives Too Low? A Wealth-Based Contracting Framework

Number of pages: 36 Posted: 30 Jan 2010
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 958 (30,155)
Citation 7

Abstract:

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executive compensation, equity incentives, corporate governance, regulation

31.

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 944 (30,764)
Citation 35

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32.

Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski (2006)

Number of pages: 31 Posted: 24 Feb 2006
Wayne R. Guay and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 939 (31,010)
Citation 25

Abstract:

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Financial reporting, conservatism, timeliness of loss and gain recognition, international accounting, political and legal institutions, contracting, compensation and incentives, debt contracts

33.

Discussion of: Real Investment Implications of Employee Stock Option Exercises

Downloads 886 ( 33,601)

Discussion of: Real Investment Implications of Employee Stock Option Exercises

Number of pages: 20 Posted: 13 Feb 2002
Wayne R. Guay
University of Pennsylvania - Accounting Department
Downloads 886 (33,119)
Citation 3

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Employee stock options; Share repurchases; Earnings per share; Payout policy; Investment; Capital expenditures; Corporate finance

Discussion of: Real Investment Implications of Employee Stock Option Exercises

Posted: 11 Mar 2002
Wayne R. Guay
University of Pennsylvania - Accounting Department

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Employee stock options; Share repurchases; Earnings per share; Payout policy; Investment; Capital expenditures; Corporate finance

34.

The Role of Executive Cash Bonuses in Providing Individual and Team Incentives

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 72 Posted: 10 Oct 2016 Last Revised: 12 Nov 2018
Wayne R. Guay, John D. Kepler and David Tsui
University of Pennsylvania - Accounting Department, Stanford Graduate School of Business and University of Southern California - Marshall School of Business
Downloads 861 (35,017)
Citation 21

Abstract:

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executive compensation, managerial incentives, pay-performance sensitivity

35.

When Contracts Require Risk-Averse Executives to Hold Equity: Implications for Option Valuation and Relative Performance Evaluation

Number of pages: 29 Posted: 29 May 2001
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 844 (35,980)
Citation 12

Abstract:

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Stock options, Option valuation, Contracting, Equity incentives, Managerial compensation, Managerial ownership

36.

Conservative Financial Reporting, Debt Covenants, and the Agency Costs of Debt

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 17 Posted: 30 Apr 2008
Wayne R. Guay
University of Pennsylvania - Accounting Department
Downloads 760 (41,516)
Citation 1

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financial reporting, accounting conservatism, contracting, corporate governance, debt contracts, debt covenants

37.

Is U.S. CEO Compensation Broken?

Journal of Applied Corporate Finance, Vol. 17, No. 4, Fall 2005, Vanderbilt Law and Economics Research Paper No. 05-29
Number of pages: 11 Posted: 01 Dec 2005
John E. Core, Randall S. Thomas, Randall S. Thomas and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management, Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management and University of Pennsylvania - Accounting Department
Downloads 749 (42,331)
Citation 4
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CEO, compensation, corporate governance, incentives

38.

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 711 (45,428)

Abstract:

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executive compensation, CEO equity incentives, corporate governance

39.

When Efficient Contracts Require Risk-Averse Executives to Hold Equity: Implications for Option Valuation, for Relative Performance Evaluation, and for the Corporate Governance Debate

Number of pages: 39 Posted: 15 Aug 2003
John E. Core and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 696 (46,756)
Citation 11

Abstract:

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stock options, option valuation, contracting, equity incentives, managerial compensation, managerial ownership

40.

Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms

Downloads 695 ( 46,845)

Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms

Number of pages: 48 Posted: 19 Jul 2004
John E. Core, Wayne R. Guay and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)
Downloads 695 (46,220)
Citation 13

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Corporate governance, not-for-profit, non-profit, executive compensation, cash holdings, endowment, agency problems

Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms

Journal of Accounting & Economics (JAE), Vol. 41, No. 3, pp. 307-333, 2006
Posted: 02 Mar 2006 Last Revised: 23 Jan 2012
John E. Core, Wayne R. Guay and Rodrigo S. Verdi
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Massachusetts Institute of Technology (MIT)

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Corporate governance, Not-for-profit, Cash holdings, Endowment, Agency problems

41.

Adapt or Perish: Evidence of CEO Adaptability to Industry Shocks

Number of pages: 47 Posted: 20 Mar 2013 Last Revised: 06 May 2018
Wayne R. Guay, Daniel J. Taylor and Jason J. Xiao
University of Pennsylvania - Accounting Department, The Wharton School, University of Pennsylvania and University of Rochester - Simon Business School
Downloads 672 (49,030)
Citation 6

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CEO adaptability, strategic industry shocks, CEO turnover, top management turnover, CEO entrenchment, agency

42.

The Influence of Corporate Risk Exposures on the Accuracy of Earnings Forecasts

Number of pages: 46 Posted: 06 Mar 2003
Wayne R. Guay, David Haushalter and Bernadette A. Minton
University of Pennsylvania - Accounting Department, Pennsylvania State University - Mary Jean and Frank P. Smeal College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 560 (61,882)
Citation 11

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risk exposures, risk management, analysts' forecasts, interest rate risk, exchange rate risk, commodity price risk, risk disclosures

43.

Discussion of Accounting Discretion, Corporate Governance, and Firm Performance

Contemporary Accounting Research, Forthcoming
Number of pages: 13 Posted: 05 May 2008 Last Revised: 16 Nov 2011
Wayne R. Guay
University of Pennsylvania - Accounting Department
Downloads 534 (65,638)
Citation 1

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Corporate Governance, Accounting Discretion, Earnings Management, Decision Rights Allocation

44.

Busy Directors and Shareholder Satisfaction

Number of pages: 56 Posted: 20 Dec 2017 Last Revised: 01 Aug 2019
Kevin D. Chen and Wayne R. Guay
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 526 (66,913)
Citation 5

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busy directors, corporate governance, board composition, shareholder satisfaction, time constraints, shareholder voting, advising, monitoring

45.

Identification and Generalizability in Accounting Research: A Discussion of Christensen, Floyd, Liu, and Maffett (2017)

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 23 Posted: 08 Aug 2017 Last Revised: 07 Sep 2017
Stephen Glaeser and Wayne R. Guay
University of North Carolina (UNC) at Chapel Hill - Accounting Area and University of Pennsylvania - Accounting Department
Downloads 414 (89,253)
Citation 25

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causal inference; accounting research; quasi-experimental methods; generalizability

46.

Multidimensional Corporate Governance: Board Design, Executive Compensation, and Information Sharing

Number of pages: 38 Posted: 06 May 2020 Last Revised: 27 Feb 2021
Kevin D. Chen, Wayne R. Guay and Richard Lambert
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and The Wharton School
Downloads 300 (127,874)

Abstract:

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Board independence, board expertise, equity incentives, corporate governance, information sharing

47.

Determinants of Insider Trading Windows

Number of pages: 58 Posted: 14 May 2021 Last Revised: 16 Aug 2021
Wayne R. Guay, Shawn Kim and David Tsui
University of Pennsylvania - Accounting Department, University of Pennsylvania - The Wharton School and University of Southern California - Marshall School of Business
Downloads 284 (135,431)

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insider trading, blackout periods, corporate governance, information asymmetry

48.

Properties of Implied Cost of Capital Using Analysts’ Forecasts

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Citation 43

Properties of Implied Cost of Capital Using Analysts’ Forecasts

Australian Journal of Management, Vol. 36, No. 2, 2011
Number of pages: 26 Posted: 24 Oct 2011 Last Revised: 17 Aug 2012
Wayne R. Guay, S.P. Kothari and Susan Shu
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Boston College - Carroll School of Management
Downloads 156 (236,817)
Citation 6

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Properties of Implied Cost of Capital Using Analysts’ Forecasts

Australian Journal of Management, Vol. 36, No. 2, 2011
Number of pages: 26 Posted: 05 May 2011 Last Revised: 17 Aug 2012
Wayne R. Guay, S.P. Kothari and Susan Shu
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Boston College - Carroll School of Management
Downloads 27 (609,858)

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implied cost of capital, earnings forecasts, expected returns, analysts’ forecasts

49.

Relative Performance Evaluation and the Peer Group Opportunity Set

Number of pages: 61 Posted: 28 May 2021
Matthew J. Bloomfield, Wayne R. Guay and Oscar Timmermans
The Wharton School of the University of Pennsylvania, University of Pennsylvania - Accounting Department and London School of Economics & Political Science (LSE)
Downloads 158 (235,065)

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relative performance evaluation, peer groups, executive incentive-compensation, optimal contracting

50.

Is CEO Pay Too High and are Incentives Too Low? A Wealth-Based Contracting Framework

Academy of Management Perspectives, Vol. 24, No. 1, February 2010, 10.5465/AMP.2010.50304413
Posted: 21 Mar 2013
John E. Core and Wayne R. Guay
University of Pennsylvania and University of Pennsylvania - Accounting Department

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financial crisis, economics, executive pay, incentives, CEO, wealth, salary, chief executive officers, executive, compensation, incentive awards, performance awards, wealth, corporate profits

51.

The Usefulness of Long-Term Accruals

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The Usefulness of Long-Term Accruals

Abacus, No. 37, pp. 110–131, 2001
Posted: 28 Oct 2011
Wayne R. Guay and Baljit K. Sidhu
University of Pennsylvania - Accounting Department and UNSW Australia Business School, School of Accounting

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Accrual accounting, accruals, cash flows, corporate performance, long-term, short-term

The Usefulness of Long-Term Accruals

Abacus, Vol. 37, No. 1, 2001
Posted: 05 Nov 2011
Wayne R. Guay and Baljit K. Sidhu
University of Pennsylvania - Accounting Department and UNSW Australia Business School, School of Accounting

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Accrual accounting, Accruals, Cash flows, Corporate performance, Long term, Short term

52.

Discussion of Ramanna and Roychowdhury (2010): Elections and Discretionary Accruals: Evidence from 2004

Journal of Accounting Research, Vol. 48, No. 2, May 2010
Posted: 14 May 2010
Wayne R. Guay
University of Pennsylvania - Accounting Department

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accounting information, accruals management, campaign contributions, discretionary accruals, earnings management, election outcomes, political currency, political economy, political process

53.

Accounting for Employee Stock Options

Posted: 07 Mar 2003
Wayne R. Guay, S.P. Kothari and Richard G. Sloan
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Southern California - Leventhal School of Accounting

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Accounting for Employee Stock Options, Stock Option Expense, Diluted Earnings Per Share

54.

The Cash-Flow Permanence and Information Content of Dividend Increases Versus Repurchases

Posted: 10 Apr 2001
Wayne R. Guay and Jarrad Harford
University of Pennsylvania - Accounting Department and University of Washington

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Payout policy; Stock repurchase; Buy-back; Payout choice; Dividend signaling

55.

The Role of Short- Versus Long-Term Accruals: A Re- Assessment and Extension

Posted: 15 Jul 1998
Wayne R. Guay and Baljit K. Sidhu
University of Pennsylvania - Accounting Department and UNSW Australia Business School, School of Accounting

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56.

A Market-Based Evaluation of Discretionary-Accrual Models

Simon School of Business Working Paper FR 96-01
Posted: 05 Jul 1998
Wayne R. Guay, S.P. Kothari and Ross L. Watts
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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57.

The Impact of Derivatives on Firm Risk: An Empirical Examination of New Derivative Users

Posted: 16 Jun 1997
Wayne R. Guay
University of Pennsylvania - Accounting Department

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58.

Compensation, Convexity, and the Incentives to Manage Risk: An Empirical Analysis

Posted: 13 Jun 1997
Wayne R. Guay
University of Pennsylvania - Accounting Department

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