Jeffrey L. Callen

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Current research shows that firms are more likely to benchmark against peers that pay their CEOs higher compensation, reflecting self-serving behavior. We propose an alternative explanation: the choice of highly paid peers represents a reward for unobserved CEO talent. We test this hypothesis by decomposing the effect of peer selection into talent and(More)
This paper investigates the relationship between nonprofit board composition and organizational efficiency. We test the hypothesis advanced by Fama and Jensen (1983) that the presence of major donors on the board and on key monitoring committees is associated with greater organizational efficiency due to donor monitoring activities. The multivariate(More)
The following paper examines how the philosophy of Continuous Quality Improvement (CQI) can be used to improve the quality of clinical documentation and coding. The philosophical basis of CQI and its application in the healthcare environment is outlined. Health information managers need to explore inventive ways of solving the problem of inadequate clinical(More)
We test the hypotheses that (i) poor accounting quality is associated with delayed stock price adjustment to information, and (ii) investors require higher future stock returns for the price delay associated with poor accounting quality. We define accounting quality as the precision with which financial reporting informs equity investors about future cash(More)
This study tests two opposing views of institutional investors—monitoring versus expropriation--by investigating whether institutional ownership is positively or negatively related to future firm-specific stock price crash risk. We present robust evidence that institutional ownership is positively associated with future stock price crash risk. After further(More)
The objective of this study is to examine the relation between auditor industry specialization and audit quality using an alternative research design to mitigate the influence of client characteristics. After matching clients of specialist and non-specialist auditors according to industry, size and performance, I find no significant differences in audit(More)
We investigate how the development of the credit default swap (CDS) market affects firms’ voluntary disclosure choices. The CDS market has been criticized, inter alia, for (i) its vulnerability to insider trading by informed lenders who trade on borrowers’ private information, and (ii) the reduction in lenders’ monitoring efficiency due to their ability to(More)
Thirty-six students have graduated with a Graduate Diploma of Applied Science (Health Information Management) from the University of Sydney since the course was introduced in 1992. A survey of graduates was conducted to examine the extent to which they believed the course had provided them with sufficient knowledge and skills to become effective health(More)
Numerous influential finance and accounting studies describe how to reverse engineer cost of equity capital (COEC) estimates. A key motivation of these studies is that the COEC is important for capital budgeting and investment. Indeed, we show that there is a tautological relation between the COEC, market-to-book, and future ROE. Given this relation, one(More)