Annual Conference

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Corporate Finance

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May 2015

We exploit staggered changes in state-level corporate tax rates to show that an increase in taxes reduces future innovation. A variety of tests, including those based on policy discontinuity at contiguous counties straddling borders of politically similar states, show that local economic conditions ...
Keywords: innovation, patents, research and development, New Products, Corporate Taxes
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Annual Conference

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Accounting

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May 2019

This paper examines whether, in an autocratic regime such as China, social media that rely on the wisdom of crowds correct the bias of state-controlled traditional media by supplying less optimistically biased information to the market. Using a comprehensive sample of Chinese newsppaper corporate ne...
Keywords: Social media, bias, Stock Return
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Annual Conference

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Corporate Finance

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May 2017

This paper studies the information content of CEO subjective performance reviews. We propose a novel proxy of positive reviews based on evidence of real CEO contracts: salary raises. It shows that performance review outcomes predict long-term stock returns. A long–short portfolio strategy that inv...
Keywords: subjective performance reviews, research and development, innovation, Stock Returns, Soft information
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Annual Conference

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Corporate Finance

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May 2023

We investigate the link between competition and non-price loan terms by exploiting a regulatory shock to banks’ ability to offer covenant-lite loans. As regulated banks demand more covenants, borrowers trade off staying with banks and receiving lower interest rates, but with covenants, against swi...
Keywords: non-price competition, shadow banks, leveraged lending, covenants, syndicated loans, relationship lending
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

The literature examining analyst activity assumes that access to management is valued by analysts and their employers. We propose a readily observable measure of access: how often an analyst is invited to be among the first to ask questions in the Q&A session of an earnings conference call. Thes...
Keywords: Career Outcomes, Analyst Forecasts and Recommendations, Earnings Conference Calls
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