Felix von Meyerinck
Former Member
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Title
Prof. Dr.
Last Name
von Meyerinck
First name
Felix
Email
felix.meyerinck@unisg.ch
Phone
+41 71 224 7029

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  • Publication
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/102909
  • Publication
    Peer Pressure in Corporate Earnings Management
    ( 2017)
    von Meyerinck, Felix
    We show that peer firms play an important role in shaping corporate earnings management decisions. To overcome identification issues in isolating peer effects, we use fund flow-induced selling pressure by passive openend equity mutual funds as exogenous shocks to firms’ stock prices. Managers respond to such exogenous price shocks by adjusting earnings management policies. We then measure individual firms’ reactions to changes in earnings management at peer firms as a result of such exogenous price shocks. The documented peer effect in earnings management is not only statistically, but also economically significant. Our results are robust to alternative measures of fund flow-induced selling pressure and earnings management, and to estimating instrumental variables regressions in which we instrument peer firms’ earnings management with mutual fund flow-induced selling pressure.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/103576
  • Publication
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/106564
  • Publication
    Industry Expert Directors
    ( 2015-12-16)
    Drobetz, Wolfgang
    ;
    von Meyerinck, Felix
    ;
    Oesch, David
    ;
    Schmid, Markus
    We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. Our analysis shows that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. Additional analyses, including a quasi-experimental setting based on director deaths, mitigate endogeneity concerns. Further tests show that the board industry experience-firm value relation is more pronounced for firms with larger investment programs, larger cash reserves, and during crises. In contrast, it is weaker in more dynamic industries where the value of previously acquired experience is likely to be diminished. We also provide some evidence that corporate governance problems in firms, in particular entrenched CEOs, and a limited supply of industry experts prevent firms from appointing more industry experts to their boards, even though this would be value-increasing. Overall, our findings are consistent with board industry experience being a valuable corporate governance mechanism.
    Type: conference paper
    DOI: 10.2139/ssrn.2256477
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/105622