Annual Conference

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Accounting

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May 2016

Does fiduciary duty to creditors reduce debt covenant violation avoidance behavior?

Shai LEVI, Benjamin SEGAL, Dan SEGAL
Financial reports should provide useful information to shareholders and creditors. Directors, however, normally owe fiduciary duties to equity holders and not creditors. We examine whether this slant in fiduciary duties affects the extent to which firms use financial engineering to circumvent debt c...
Keywords: Debt Structuring, Director Fiduciary Duties, Board Independence
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Does Corporate Hedging Attract Foreign Investors? Evidence from International Firms

Massimo MASSA, Lei ZHANG
We study how corporate hedging affects the demand of foreign institutional investors. We collect measures of foreign exchange hedging and interest rate hedging for a comprehensive sample of international companies. We document a strongly positive relationship between foreign institutional demand and...
Keywords: hedging, foreign exchange hedging, interest rate hedging, foreign ownership, international institutional investors
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Does Climate Change Affect Real Estate Prices? Evidence from Government Announcement

Sumit AGARWAL, Yu QIN, Tien Foo SING, Changwei ZHAN
This paper investigates the relationship between climate change information and property prices. We employ datasets of home transactions and a novel climate change information shock in Singapore, the sea level rise (SLR) projections announced by the government. Based on Difference-in-Differences est...
Keywords: climate change, property prices, government announcement, Singapore
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Does Climate Change Affect Investment Performance? Evidence From Commercial Real Estate

Dragana CVIJANOVIC, Alex VAN DE MINNE
Combining granular data on temperatures across the continental US with micro-level com-mercial real estate (CRE) data from 1980 to 2020, we study the impact of exposure to extreme temperature shocks on investment performance of CRE at the individual asset level. We find that exposure to extreme temp...
Keywords: climate change, climate finance, commercial real estate, economic costs
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Annual Conference

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Accounting

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May 2024

Does Algorithmic Trading Affect Forced CEO Turnover?

Jaewoo KIM, Jun OH, Hojun SEO, Luo ZUO
We examine whether algorithmic trading (AT) affects the extent to which directors rely on stock returns when making CEO turnover decisions. We find that the sensitivity of forced CEO turnover to stock returns decreases with AT. This effect of AT is more pronounced when the information that AT crowds...
Keywords: Algorithmic trading, CEO turnover, CEO-firm match quality, directors, learning
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