Journal ArticleJournal of Finance · December 1, 2024
Liquidity transformation, a key role of banks, is thought to increase fragility, as uninsured depositors face an incentive to withdraw money before others (a so-called panic run). Despite much theoretical work, however, there is little empirical evidence e ...
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Journal ArticleJournal of Accounting Research · January 1, 2024
Using a large sample of U.S. commercial banks from 1994 to 2019, we find that loan fair values are highly relevant for depositor decision making. A one-standard-deviation decrease in loan fair value performance is associated with more than 10% lower uninsu ...
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Journal ArticleJournal of Financial Economics · November 1, 2022
One of the most widely discussed issues in banking regulation and research is transparency. Yet, whether depositors – banks’ most important claimholders – are affected by transparency, is an empirical open question. Analyzing US commercial banks from 1994 ...
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Journal ArticleJournal of Accounting and Economics · August 1, 2022
Pressure from short-horizon investors can hurt investments in innovative, long-run value-increasing projects. We explore the efficacy of a commonly proposed tax-based policy tool to mitigate this problem: the imposition of differentially greater taxes on s ...
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Journal ArticleBiointerface Research in Applied Chemistry · June 15, 2022
Collagen and chitosan and their combination are the most trending biomaterials at present due to their excellent bioavailability, biodegradability, biocompatibility, nontoxicity, and potent wound healing activity. Chitosan is obtained from chitin, a second ...
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Journal ArticleJournal of Accounting and Economics · November 1, 2019
Campbell, Loumioti, and Wittenberg-Moerman (2018), henceforth CLW, provide evidence on the effect of human cognitive limitations on the processing of soft information in a Credit Union. Their results suggest that cognitive limitations constitute an importa ...
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Journal ArticleJournal of Accounting and Economics · February 1, 2019
Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing ...
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Scholarly Edition · May 1, 2018
Pressure from institutional money managers to generate profits in the short run is often blamed for corporate myopia. Theoretical research suggests that money managers’ short-term focus stems from their career concerns and greater fund transparency can amp ...
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Journal ArticleAccounting Review · March 1, 2018
Using the transition of U.S. firms from annual reporting to semi-annual reporting and then to quarterly reporting over the period 1950-1970, we provide evidence on the effects of increased reporting frequency on firms' investment decisions. Estimates from ...
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Journal ArticleJournal of Accounting and Economics · August 1, 2017
Applying a difference-in-differences approach to explore variations in the timing of bank mergers in the U.S. over the last two decades, we document an increase in borrowers’ disclosure when their banks engage in mergers and acquisitions. The effect is str ...
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Journal ArticleJournal of Accounting Research · May 1, 2017
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 contrac ...
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Journal ArticleJournal of Accounting and Economics · January 1, 2014
This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series ...
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Journal ArticleJournal of Financial Economics · April 1, 2012
The sensitivity of stock options' payoff to return volatility, or vega, provides risk-averse CEOs with an incentive to increase their firms' risk more by increasing systematic rather than idiosyncratic risk. This effect manifests because any increase in th ...
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