-
作者：Ertan, Aytekin; Loumioti, Maria; Wittenberg-Moerman, Regina
作者单位：University of London; London Business School; University of Texas System; University of Texas Dallas; University of Southern California
摘要：We explore whether transparency in banks' securitization activities enhances loan quality. We take advantage of a novel disclosure initiative introduced by the European Central Bank, which requires, as of January 2013, banks that use their asset-backed securities as collateral for repo financing to report securitized loan characteristics and performance in a standardized format. We find that securitized loans originated under the transparency regime are of better quality with a lower default p...
-
作者：Dutta, Sunil; Nezlobin, Alexander
作者单位：University of California System; University of California Berkeley
摘要：This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting in which a firm makes sequential investments to adjust its capital stock over time. We show that the effects of accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey information about the firm's future capital stock (i.e., balance sheet) or about its future operating cash flows (i.e., earnings). Specifically, in...
-
作者：Floyd, Eric J.; List, John A.
-
作者：Aharoni, Gil; Einhorn, Eti; Zeng, Qi
作者单位：University of Melbourne; Tel Aviv University
摘要：It is conventionally perceived in the literature that weak analysts are likely to under weight their private information and strategically bias their announcements in the direction of the public beliefs to avoid scenarios where their private information turns out to be wrong, whereas strong analysts tend to adopt an opposite strategy of over weighting their private information and shifting their announcements away from the public beliefs in an attempt to stand out from the crowd. Analyzing a r...
-
作者：Chi, Sabrina; Huang, Shawn X.; Sanchez, Juan Manuel
作者单位：Texas Tech University System; Texas Tech University; Arizona State University; Arizona State University-Tempe
摘要：This paper examines the relation between CEO inside debt holdings (pension benefits and deferred compensation) and corporate tax sheltering. Because inside debt holdings are generally unsecured and unfunded liabilities of the firm, CEOs are exposed to risk similar to that faced by outside creditors. As such, theory (Jensen and Meckling [1976]) suggests that inside debt holdings negatively impact CEO risk-appetite. To the extent that corporate tax shelters are likely to result in high cash flow...
-
作者：Lisowsky, Petro; Minnis, Michael; Sutherland, Andrew
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：We use a proprietary data set of financial statements collected by banks to examine whether economic growth is related to the use of financial statement verification in debt financing. Exploiting the distinct economic growth and contraction patterns of the construction industry over the years 2002-2011, our estimates reveal that banks reduced their collection of unqualified audited financial statements from construction firms at nearly twice the rate of firms in other industries during the hou...
-
作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers' overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price, and end of first day of trading). The result is robust to controls...
-
作者：Dyreng, Scott D.; Vashishtha, Rahul; Weber, Joseph
作者单位：Duke University; Massachusetts Institute of Technology (MIT)
摘要：Using a sample of firms that disclose the realizations of earnings used for determining covenant compliance in loan contracts, we provide direct evidence on the informational properties of earnings used in the performance covenants included in debt contracts. We find that the earnings measure used in performance covenants does not exhibit asymmetric loss timeliness and has significantly greater cash flow predictive ability than GAAP measures of earnings. We suggest that these results reflect t...
-
作者：Laux, Christian; Rauter, Thomas
作者单位：Vienna University of Economics & Business
摘要：In light of the current debate about the link between accounting and financial stability, we investigate the determinants of procyclical book leverage for U.S. commercial and savings banks. We find that total asset growth and GDP growth are both positively related to book leverage growth. Our evidence is not consistent with the notion that fair value accounting contributes to procyclical leverage or that historical cost accounting reduces procyclicality. Overall, the business model of banks is...
-
作者：Bushman, Robert M.; Williams, Christopher D.; Wittenberg-Moerman, Regina
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan; University of Southern California
摘要：We investigate whether a borrower's media coverage influences the syndicated loan origination and participation decisions of informationally disadvantaged lenders, loan syndicate structures, and interest spreads. In syndicated loan deals, information asymmetries can exist between lenders that have a relationship with a borrower and less informed, nonrelationship lenders competing to serve as lead arranger on a syndicated loan, and also between lead arrangers and less informed syndicate partici...
