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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

53

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CITATIONS
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2,060

Scholarly Papers (53)

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1.

Executive Equity Compensation and Incentives: A Survey

Downloads 10,932 ( 255)
Citation 187

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 5,805 (841)
Citation 186

Abstract:

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 5,127 (1,051)
Citation 187

Abstract:

Executive compensation, stock options, equity incentives, corporate governance

2.

How Much do Firms Hedge with Derivatives?

Downloads 4,250 ( 1,479)
Citation 111

How Much do Firms Hedge with Derivatives?

AFA 2002 Atlanta Meetings
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 2,486 (3,718)
Citation 111

Abstract:

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 1,764 (6,724)
Citation 111

Abstract:

Derivatives; Hedging; Risk management; Exposure

How Much Do Firms Hedge with Derivatives?

Journal of Financial Economics, Forthcoming
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

Abstract:

risk management, derivatives instruments, hedging

3.

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

Downloads 2,900 ( 2,932)
Citation 276

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 2,900 (2,865)
Citation 276

Abstract:

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

Journal of Accounting Research, Forthcoming
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

Abstract:

Employee stock options; Incentives; Executive compensation

4.

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 2,851 (2,853)
Citation 63

Abstract:

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

5.

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

Downloads 2,580 ( 3,578)
Citation 7

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 2,580 (3,499)
Citation 7

Abstract:

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

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

As published in Journal of Accounting Research, Vol 38, Supplement, 2000
Posted: 05 Jan 2001
Wayne R. Guay
University of Pennsylvania - Accounting Department

Abstract:

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

6.

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

Downloads 2,525 ( 3,703)
Citation 153

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 University of Minnesota
Downloads 2,525 (3,622)
Citation 153

Abstract:

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 University of Minnesota

Abstract:

Corporate governance, market efficiency, analysts

7.

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

Vanderbilt Law and Economics Research Paper No. 05-05, Michigan Law Review, Forthcoming
Number of pages: 45 Posted: 14 Jan 2005 Last Revised: 05 Jun 2017
John E. Core, Wayne R. Guay and Randall S. Thomas
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Vanderbilt University - Law School
Downloads 2,418 (3,613)
Citation 29

Abstract:

CEO compensation, stock options, equity incentives, corporate governance

8.

Stock market anomalies: What can we learn from repurchases and insider trading?

Downloads 2,328 ( 4,240)
Citation 14

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 2,328 (4,154)
Citation 14

Abstract:

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)

Abstract:

Accruals, SUE, share repurchases, insider trading

9.

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

Downloads 2,299 ( 4,343)
Citation 26

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 2,299 (4,252)
Citation 26

Abstract:

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

The Accounting Review, Forthcoming
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

Abstract:

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

10.

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

Downloads 2,296 ( 4,352)
Citation 36

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

JAE Boston Conference June 2001
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 2,296 (4,260)
Citation 36

Abstract:

Market Valuations in the New Economy: An Investigation of what has Changed

Journal of Accounting & Economics, Vol. 34, No. 1-3, pp. 43-67, January 2003
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

Abstract:

capital markets, equity valuation, New Economy

11.

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 (3,893)
Citation 67

Abstract:

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

12.

Stock Option Plans for Non-Executive Employees

Downloads 2,149 ( 4,878)
Citation 158

Stock Option Plans for Non-Executive Employees

EFA 0419
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 1,130 (13,927)
Citation 158

Abstract:

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 1,019 (16,298)
Citation 158

Abstract:

Employee stock options, Compensation, Equity incentives

Stock Option Plans for Non-Executive Employees

Journal of Financial Economics
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:

Employee stock options, Compensation, Equity incentives

13.

The Power of the Pen and Executive Compensation

Downloads 1,906 ( 5,995)
Citation 56

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 1,906 (5,865)
Citation 56

Abstract:

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

Abstract:

press, media, executive compensation, corporate governance

14.

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 1,547 (7,601)
Citation 44

Abstract:

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

15.

Is Accruals Quality a Priced Risk Factor?

Downloads 1,516 ( 8,867)
Citation 59

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 1,516 (8,698)
Citation 59

Abstract:

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)

Abstract:

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

16.

Tax Aggressiveness and Corporate Transparency

Number of pages: 67 Posted: 27 Mar 2011 Last Revised: 15 Jul 2017
Karthik Balakrishnan, Jennifer L. Blouin and Wayne R. Guay
London Business School, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,485 (4,060)

Abstract:

Tax aggressiveness, tax planning, information content, earnings quality

17.

Are Performance Measures Other Than Price Important to CEO Incentives?

EFA 0418
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 1,404 (9,722)
Citation 16

Abstract:

18.

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
Lancaster University - Management School, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 1,354 (9,530)
Citation 27

Abstract:

CEO compensation, equity incentives, corporate governance, international comparisons

19.

Conservative Disclosure

Number of pages: 44 Posted: 22 Jun 2007
Wayne R. Guay and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,279 (9,416)
Citation 17

Abstract:

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

20.

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 1,135 (12,403)
Citation 305

Abstract:

21.

Have the Tax Benefits of Debt Been Overestimated?

Number of pages: 56 Posted: 05 Apr 2008 Last Revised: 15 Nov 2011
Jennifer L. 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 1,130 (11,192)
Citation 16

Abstract:

capital structure, debt, marginal tax rates, corporate taxes

22.

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 1,114 (12,209)
Citation 11

Abstract:

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

23.

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 1,075 (14,675)
Citation 86

Abstract:

24.

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

Downloads 970 ( 17,918)
Citation 58

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 970 (17,593)
Citation 58

Abstract:

agency theory, cash pay, total compensation, equity incentives

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

The Accounting Review, Forthcoming
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:

agency theory, cash pay, total compensation, equity incentives

25.

The Role of the Business Press as an Information Intermediary

Downloads 899 ( 20,108)
Citation 30

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 J. W. Hamm
University of Pennsylvania - The Wharton School, Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Ohio State University (OSU) - Fisher College of Business
Downloads 899 (19,725)
Citation 30

Abstract:

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 J. W. Hamm
University of Pennsylvania - The Wharton School, Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and Ohio State University (OSU) - Fisher College of Business

Abstract:

Business Press, Information Asymmetry, Information Intermediaries, Earnings Announcement

26.

Discussion of: Real Investment Implications of Employee Stock Option Exercises

Downloads 870 ( 21,110)
Citation 7

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 870 (20,721)
Citation 7

Abstract:

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

Journal of Accounting Research, Vol. 40, No. 2, May 2002
Posted: 11 Mar 2002
Wayne R. Guay
University of Pennsylvania - Accounting Department

Abstract:

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

27.

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 860 (16,153)
Citation 1

Abstract:

conservatism, expected accruals, discretionary accruals

28.

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 821 (21,451)
Citation 6

Abstract:

executive compensation, equity incentives, corporate governance, regulation

29.

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 814 (20,420)
Citation 53

Abstract:

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

30.

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 786 (23,282)
Citation 15

Abstract:

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

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 720 (23,153)

Abstract:

32.

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 and Wayne R. Guay
Massachusetts Institute of Technology (MIT) - Sloan School of Management, Vanderbilt University - Law School and University of Pennsylvania - Accounting Department
Downloads 689 (27,586)
Citation 4

Abstract:

CEO, compensation, corporate governance, incentives

33.

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 668 (28,339)
Citation 10

Abstract:

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

34.

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

Downloads 652 ( 31,710)
Citation 7

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 652 (31,216)
Citation 7

Abstract:

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)

Abstract:

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

35.

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

U of Penn, Inst for Law & Econ Research Paper 03-32
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 652 (30,268)
Citation 18

Abstract:

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

36.

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 504 (41,624)
Citation 6

Abstract:

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

37.

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 498 (43,504)
Citation 1

Abstract:

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

38.

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 328 (12,629)

Abstract:

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

39.

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 Pennsylvania - Accounting Department and University of Pennsylvania - The Wharton School
Downloads 297 (18,400)

Abstract:

financial statement complexity, voluntary disclosure, information environment

40.

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 (52,961)

Abstract:

executive compensation, CEO equity incentives, corporate governance

41.

Adapt or Perish: Evidence of CEO Adaptability to Industry Shocks

Number of pages: 48 Posted: 20 Mar 2013 Last Revised: 05 Sep 2015
Wayne R. Guay, Daniel J. Taylor and Jason J. Xiao
University of Pennsylvania - Accounting Department, University of Pennsylvania - The Wharton School and University of Rochester - Simon Business School
Downloads 232 (60,657)

Abstract:

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

42.

Properties of Implied Cost of Capital Using Analysts’ Forecasts

Downloads 120 (194,361)
Citation 63

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 97 (227,839)
Citation 63

Abstract:

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 23 (442,135)
Citation 63

Abstract:

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

43.

What Is the Purpose of CEO Cash Bonuses?

Number of pages: 56 Posted: 10 Oct 2016 Last Revised: 30 Dec 2016
Wayne R. Guay, John D. Kepler and David Tsui
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Southern California - Marshall School of Business
Downloads 0 (56,277)

Abstract:

executive compensation, managerial incentives, pay-performance sensitivity

44.

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, Independent and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 0 (31,345)
Citation 12

Abstract:

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

45.

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

Abstract:

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

46.

The Usefulness of Long-Term Accruals

Downloads 0 (558,014)

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

Abstract:

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

Abstract:

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

47.

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

Abstract:

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

48.

Accounting for Employee Stock Options

American Economic Review, Forthcoming
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 California, Berkeley - Accounting Group

Abstract:

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

49.

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

Journal of Financial Economics, Vol. 57, Iss. 3, September 1, 2000
Posted: 10 Apr 2001
Wayne R. Guay and Jarrad Harford
University of Pennsylvania - Accounting Department and University of Washington

Abstract:

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

50.

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

Simon School of Business Working Paper FR 95-27
Posted: 15 Jul 1998
Wayne R. Guay and Baljit K. Sidhu
University of Pennsylvania - Accounting Department and UNSW Australia Business School, School of Accounting

Abstract:

51.

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

Abstract:

52.

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

Abstract:

53.

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

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

Abstract:

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