Annual Conference

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Corporate Finance

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May 2015

Do Corporate Taxes Hinder Innovation?

Abhiroop MUKHERJEE, Alminas ZALDOKAS, Manpreet SINGH
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

Do Chinese Social Media Correct the Optimistic Bias of Traditional Media?

Tianyu ZHANG, Eric WANG, T.J. WONG
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

Do CEOs Deserve their Raises? Evidence from Stock Returns after Subjective Performance Reviews

Yiqing LU, Moqi GROEN-XU, Peggy HUANG
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

Do Banks Compete on Non-Price Terms? Evidence from Loan Covenants

Rustam ABUZOV, Christoph HERPFER, Roberto STERI
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

Do Analysts and their Employers Value Access to Management? Evidence from Earnings Conference Call Participation

Vanitha RAGUNATHAN, Ling CEN, Jing CHEN, Sudipto DASGUPTA
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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