Annual Conference

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Household Finance

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May 2022

Strategically Staying Small: Regulatory Avoidance and the CRA

Jacelly CESPEDES, Jordan NICKERSON, Carlos PARRA
Using the introduction of an asset based two-tiered evaluation scheme in the 1995 CRA reform, we examine the consequences of regulatory avoidance. Banks exploit the attribute-based regulation by strategically slowing asset growth, bunching below the $250M threshold. The regulatory avoidance also pro...
Keywords: CRA, Financial Institutions, Regulatory Avoidance, Attribute-based Regulation
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Annual Conference

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Accounting

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May 2024

Strategic Secrecy or Managerial Shielding: Examining the Motives Behind Confidential Advertising Expenditures

Ofir GEFEN, Po-Hsuan HSU, Hsiao-Hui LEE, Hunghua PAN, David REEB
We examine the common practice of non-disclosure of corporate advertising expenditures. While some firms explicitly disclose these figures, others do not, suggesting that their expenditures are insignificant or that the firm prioritizes strategic secrecy. Theoretical and empirical research suggests ...
Keywords: Reported advertising, Disclosure, Competitive strategy, Managerial job security, and Valuation discounts
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Annual Conference

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Corporate Finance

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May 2015

Strategic News Releases In Equity Vesting Months

Luis GONCALVES-PINTO, Alex EDMANS, Yanbo WANG, Moqi GROEN-XU
We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting months, ...
Keywords: Voluntary Disclosure, Equity Vesting, CEO Incentives, News
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Annual Conference

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Corporate Finance

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May 2022

Strategic Learning and Corporate Investment

Paul H. DECAIRE, Michael D. WITTRY
We show that firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from them. While this information improves project selection, the cost of waiting offsets those gains. To establish causality, we exploit local exogenous variation from the 1800...
Keywords: Real options, corporate investment, strategic interactions, peer learning, historical data
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Annual Conference

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Sustainable and Green Finance

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May 2022

Strategic Leadership in Corporate Social Responsibility

Rui ALBUQUERQUE, Luis CABRAL
We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm value maximization. This commitment leads firms to change their actions in ways that ultimately favor shareholders. We thus provide a formal analysis ...
Keywords: Leadership, corporate social responsibility, shareholder model, stakeholder model, externalities, mi
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