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作者：Bozanic, Zahn; Loumioti, Maria; Vasvari, Florin P.
作者单位：University System of Ohio; Ohio State University; University of Texas System; University of Texas Dallas; University of London; London Business School
摘要：We examine whether syndicated loans securitized through collateralized loan obligations (CLOs) have more standardized financial covenants. We proxy for the standardization of covenants using the textual similarity of their contractual definitions. We find that securitized loans are associated with higher covenant standardization than nonsecuritized institutional loans. In addition, we show that CLOs with more diverse or frequently rebalanced portfolios are more likely to purchase loans with st...
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作者：Granja, Joao
作者单位：University of Chicago
摘要：I exploit variation in the adoption of disclosure and supervisory regulation across U.S. states to examine their impact on the development and stability of commercial banks. The empirical results suggest that the adoption of state-level requirements to report financial statements in local newspapers is associated with greater stability and development of commercial banks. I also examine which political constituencies influence the adoption of disclosure and supervisory regulation. I find that ...
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作者：Call, Andrew C.; Martin, Gerald S.; Sharp, Nathan Y.; Wilde, Jaron H.
作者单位：Arizona State University; Arizona State University-Tempe; American University; Texas A&M University System; Texas A&M University College Station; University of Iowa
摘要：Whistleblowers are ostensibly a valuable resource to regulators investigating securities violations, but whether there is a link between whistleblower involvement and the outcomes of enforcement actions is unclear. Using a data set of employee whistleblowing allegations obtained from the U.S. government and the universe of enforcement actions for financial misrepresentation, we find that whistleblower involvement is associated with higher monetary penalties for targeted firms and employees and...
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作者：Zakolyukina, Anastasia A.
作者单位：University of Chicago
摘要：This paper uses data on detected misstatementsearnings restatementsand a dynamic model to estimate the extent of undetected misstatements that violate GAAP. The model features a CEO who can manipulate his firm's stock price by misstating earnings. I find the CEO's expected cost of misleading investors is low. The probability of detection over a five-year horizon is 13.91%, and the average misstatement, if detected, results in an 8.53% loss in the CEO's retirement wealth. The low expected cost ...
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作者：Bushee, Brian J.; Gow, Ian D.; Taylor, Daniel J.
作者单位：University of Pennsylvania; University of Melbourne
摘要：Prior research generally interprets complex language in firms' disclosures as indicative of managerial obfuscation. However, complex language can also reflect the provision of complex information; for example, informative technical disclosure. As a consequence, linguistic complexity commingles two latent componentsobfuscation and informationthat are related to information asymmetry in opposite directions. We develop a novel empirical approach to estimate these two latent components within the ...
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作者：Johnson, Travis L.; So, Eric C.
作者单位：University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT)
摘要：We show that the cost of trading on negative news, relative to positive news, increases before earnings announcements. Our evidence suggests that this asymmetry is due to financial intermediaries reducing their exposure to announcement risks by providing liquidity asymmetrically. This asymmetry creates a predictable upward bias in prices that increases preannouncement, and subsequently reverses, confounding short-window announcement returns as measures of earnings news and risk premia. These f...
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作者：Li, Yinghua; Lin, Yupeng; Zhang, Liandong
作者单位：Arizona State University; Arizona State University-Tempe; National University of Singapore; Singapore Management University
摘要：This study exploits the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that generates variations in the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing the level of disclosure regarding their customers' identities, supporting the proprietary cost hypothesis. Our results are stronger for firms in industries with a higher degree of entry threats, for firms in more volatile industries, and for firms...
