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作者：Khan, Urooj; Lin, Vincent Yongzhao; Stice, Derrald; Ma, Zhiming
作者单位：University of Texas System; University of Texas Austin; Washington University (WUSTL); Peking University; University of Hong Kong
摘要：We study how proprietary information flows in strategic alliances facilitate banks' information collection in private debt markets. We argue that lenders that have previously worked with a borrower's alliance partners have an information advantage and show that firms entering a strategic alliance receive a lower interest spread on loans from banks that have previously lent to their strategic partners than loans from other banks. Cross-sectional tests on alliances' economic importance and parti...
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作者：Bowlin, Kendall O.; Hobson, Jessen L.; Piercey, M. David
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作者：Schmidt, Brent A.; Zhang, Haiwen (Helen)
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Minnesota System; University of Minnesota Twin Cities
摘要：We examine the impact of transparency on the convenience yield of AAA-rated asset-backed security (ABS) tranches. AAA tranches of ABS are commonly held by investors to manage financial liquidity and therefore enjoy a price premium beyond what is determined solely by the expected monetary payoff (i.e., convenience yield). The Securities and Exchange Commission (SEC) requires ABS issuers to provide monthly disclosures about the performance of the underlying individual loans for ABS issued after ...
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作者：Gold, Anna; Kadous, Kathryn; Leiby, Justin
作者单位：Vrije Universiteit Amsterdam; Emory University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Auditing standards require that auditors' reliance on a specialist is commensurate with the specialist's competence. In assessing competence, auditors encounter cues diagnostic of the specialist's social status but less so of competence. In an experiment, we manipulate specialist status and find that auditors mistake status for competence unless they are prompted to separate the constructs. This raises the possibility that auditors could over- rely on high-status specialists. However, auditors...
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作者：Li, Yinghua; Lin, Yupeng; Wang, Xiaoqiao; Yang, Shijie
作者单位：Arizona State University; Arizona State University-Tempe; National University of Singapore; The Chinese University of Hong Kong, Shenzhen; Southern University of Science & Technology
摘要：We investigate the role of financial analysts in product quality failures. Relying on information about product recalls, we first show that analyst coverage on average reduces product quality, particularly when managers face greater short-term pressure from institutional investors. However, after identifying a subgroup of analysts who raise questions on product-related issues in earnings conference calls, we find that coverage by these product analysts enhances rather than compromises product ...
