Annual Conference

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Accounting

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May 2018

Political Corruption and Accounting Choices

Jin ZHANG, Huai ZHANG
Using U.S. Department of Justice data on political corruption convictions, I examine how political corruption affects firms’ earnings management. I find that companies headquartered in more corrupt states manipulate earnings downwards. The findings are robust to six alternative corruption measures...
Keywords: Earnings Management, Political Corruption, Rent Seeking
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Political Borders and Bank Lending in Post-Crisis America

Andrew K. ROSE, Matthieu CHAVAZ
We study political influences on private banks receiving government funds.  Using spatial discontinuities associated with congressional district borders, we show that recipient banks of the 2008 TARP program increased mortgage and small business lending by 23-60% more in census tracts located just ...
Keywords: empirical, data, panel, fixed, effect, county, district, congress, policy, mortgage
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Annual Conference

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Accounting

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May 2015

Political Bias of Corporate News: Role of Conglomeration Reform in China

Joseph D. PIOTROSKI, Tianyu ZHANG, T.J. WONG
When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networ...
Keywords: Media, China, Commercialization, Conglomeration Reform, Bias in Corporate News
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Policy Uncertainty in Japan

Elif C. ARBATLI, Steven J. DAVIS, Arata ITO, Naoko MIAKE, Ikuo SAITO
We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our ov...
Keywords: Policy uncertainty, Japan, aggregate investment
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

Policy Rx for the economy: Cash or credit?

Deborah LUCAS
What is the best mix of cash and credit assistance to combat the economic fallout from the coronavirus pandemic, and what are the principles that should guide those choices? For policymakers to be able to design effective and affordable policies and avoid unintended consequences, it is essential tha...
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