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作者：Perez-Cavazos, Gerardo
作者单位：Harvard University
摘要：I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant debt forgiveness to borrowers. I provide evidence consistent with borrowers communicating their debt forgiveness to other borrowers, who then more frequently strategically default on their own obligations. This strategic default contagion is economically large. When the lender doubles debt forgiveness, the default rate increases by 10.9% on average. Using an exogenous ...
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作者：Heese, Jonas; Perez-Cavazos, Gerardo
摘要：This paper examines whether fraud allegations affect firms' contracting with the government. Using a data set of whistleblower allegations brought under the False Claims Act against firms accused of defrauding the government, we find that federal agencies do not reduce the total dollar volume of contracts with accused firms; however, they substitute approximately 14% of the harder-to-monitor cost-plus contracts for fixed-price contracts. This effect is concentrated in the procurement of servic...
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作者：Breuer, Matthias; Windisch, David
作者单位：Columbia University; University of Graz
摘要：We propose the standard neoclassical model of investment under uncertainty with short-run adjustment frictions as a benchmark for earnings-return patterns absent accounting influences. We show that our proposed benchmark generates a wide range of earnings-return patterns documented in accounting research. Notably, our model generates a concave earnings-return relation, similar to that of Basu [1997], and predicts that the earnings-return concavity increases with the volatility of firms' underl...
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作者：Lehmann, Nico
作者单位：University of Gottingen
摘要：This paper examines the economic consequences of the initiation of governance analyst coverage. Governance analysts process, enhance, and disseminate governance-related information to capital market participants via, for example, governance reports and ratings. Using an exogenous shock in the United Kingdom, I find that an increase in governance analyst coverage results in increased governance quality, improved liquidity, increased financial analyst following, and improved investor breadth. Th...
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作者：Madsen, Joshua; Niessner, Marina
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Prior research documents capital market benefits of increased investor attention to accounting disclosures and media coverage; however, little is known about how investors and markets respond to attention-grabbing events that reveal little nonpublic information. We use daily firm advertising data to test how advertisements, which are designed to attract consumers' attention, influence investors' attention and financial markets (i.e., spillover effects). Exploiting the fact that firms often adv...
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作者：Costello, Anna M.; Granja, Joao; Weber, Joseph
作者单位：University of Michigan System; University of Michigan; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：We investigate the role that regulatory strictness plays on the enforcement of financial reporting transparency in the U.S. banking industry. Using a novel measure of regulatory strictness in the enforcement of capital adequacy, we show that strict regulators are more likely to enforce restatements of banks' call reports. Further, we find that the effect of regulatory strictness on accounting enforcement is strongest in periods leading up to economic downturns and for banks with riskier asset ...
