Webinar Series

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Capital Market Development: China and Asia

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Mar 2021

The SOE Premium and Government Support in China's Credit Market

Jun PAN, Zhe GENG
Studying China’s credit market, we find improved price efficiency and paradoxically, worsening segmentation as, amid government-led credit tightening, perceived government support for state-owned enterprises (SOEs) causes the credit spreads of non-SOEs to explode relative to their SOE counterparts...
Keywords: SOE Premium, Government Support, Credit Risk, Price Discovery, Chinese Corporate Bond
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Apr 2022

The Shift to Remote Work Lessens Wage-Growth Pressures

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Brent MEYER, Emil MIHAYLOV
The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey da...
Keywords: Remote work, amenity value, wage growth, inflation dynamics, recession risk, business expectations,
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Annual Conference

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Accounting

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May 2023

The SEC’s Use of Voluntary Disclosure for the Oversight of Mandatory Disclosure

Kai LI, Rafael ROGO, Xiaoli (Shaolee) TIAN, Ray ZHANG
One key challenge of regulatory oversight is information asymmetry between the regulator and the regulated. We investigate this issue through a unique setting in which the SEC uses firms’ voluntary disclosures to bridge the information gap during their periodic reviews of mandatory disclosures. We...
Keywords: SEC, information asymmetry, voluntary disclosure, mandatory disclosure, comment letters, earnings conference calls, computational linguistic methods
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Annual Conference

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Accounting

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May 2021

The Role of External Regulators in Mergers and Acquisitions: Evidence from SEC Comment Letters

Tao SHU, Jasmine WANG, Erin TOWERY, Tingting LIU
This study examines the role of the Securities and Exchange Commission (SEC) in mergers and acquisitions (M&As) involving publicly traded target firms. We find that deals receiving comment letters have an increased likelihood of deal completion and deal price revision, consistent with the SEC re...
Keywords: Information transparency, M&A, SEC, Comment letters, Shareholder welfare, Corporate governance, Deal outcomes
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

Kai LI, Xing LIU, Feng MAI, Tengfei ZHANG
After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We show that despite the large negative impact of COVID-19 on their...
Keywords: corporate culture, COVID-19, Pandemic, demand, supply chain, employees, community, digital transformation, new product development, Human capital, machine learning, topic modeling, correlated topic model
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