Equity Incentives and Long-Term Value Created by SG&A Expenditure

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  • Accepted by Raffi Indjejikian. An earlier version of this paper was presented at the 2009 Contemporary Accounting Research Conference, generously supported by the Canadian Institute of Chartered Accountants. The authors would like to thank Raffi Indjejikian (the Associate Editor), two anonymous referees, Michal Matějka, seminar participants at the 2009 Contemporary Accounting Research Conference, American Accounting Association Managerial Accounting Section 2007 Mid-Year Conference, American Accounting Association 2007 Annual Conference, European Accounting Association 2007 Annual Congress, University of Texas at Dallas, City University of New York–Baruch College, Temple University, Texas Christian University, and Oklahoma State University for helpful comments and suggestions.

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