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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Annual Conference

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Economic Transformation of Asia

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May 2019

Division of Labor and Productivity Advantage of Cities: Theory and Evidence from Brazil

Lin TIAN
Firms are more productive in larger cities. This paper investigates a potential explanation that was first proposed by Adam Smith: Larger cities facilitate greater division of labor within firms. Using a dataset of Brazilian firms, I first document that division of labor is indeed robustly correlate...
Keywords: Divisdion of labour, productivity, space, cost
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Annual Conference

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Corporate Finance

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May 2021

Dividend Policy in the Era of Big Data

Shujing WANG, Yancheng QIU, Tao SHU
The releases of real-time satellite data of U.S. retail firms’ parking lot traffic reduce information asymmetry between managers and outside investors. Using the staggered releases of satellite data as a quasi-natural experiment, we test the competing dividend theories based on information asymmet...
Keywords: Alternative Data, Satellite Imagery Data, Dividend Policy, Outcome Model, Substitute Model, Signaling Model, Corporate governance
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Annual Conference

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Corporate Finance

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May 2024

Diverging Paths in Banks' Business Models: New Facts and Macro Implications

Shohini KUNDU, Tyler MUIR, Jinyuan ZHANG
We document the emergence of two distinct types of banks over the past decade: high rate banks which provide deposit rates in line with market interest rates, and low rate banks whose deposits are now even less sensitive to market rates. While the aggregate sensitivity of deposit rates to market int...
Keywords: Banking, Monetary Policy, Technology
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