Annual Conference

|

Accounting

|

May 2023

Third-Party Cookies, Data Sharing, and Return Comovement

Si CHENG, Yupeng LIN, Ruichang LU, Xiaojun ZHANG
Third-party cookies connect different firms and facilitate data sh aring. We find that common shocks to investor attention via cookie networks yield economically significant c omovement in financial information acquisition, retail t rading, and s tock r eturns. An identification test based on the en...
Keywords: Data Sharing, Return Comovement, Attention Spillover, Information Acquisition, Retail Trading
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2023

All in a day’s work: What do we learn from Analysts’ Bloomberg Usage?

Zhi DA, Azi BEN-REPHAEL, Bruce CARLIN, Ryan D. ISRAELSEN
We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft i...
Keywords: Analyst, Effort Provision, Forecast Accuracy
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2023

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul H. DECAIRE, Denis SOSYURA
Using micro data on managerial expenditures, we uncover heuristics in capital budgets, such as nominal rigidity, anchoring, and sharp reset deadlines. Such heuristics engender managerial opportunism and erode investment efficiency. Managers with a budget surplus increase investment sharply before bu...
Keywords: capital budgeting, governance, fallacy, managerial heuristics
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2023

Does Relationship Lending Discipline Disclosure? Evidence from Bailout Loans

Daniel RABETTI
Assessing the Paycheck Protection Program (PPP) — a financial rescue program designed to cover firms’ payroll expenses during the Covid-19 pandemic — I document that the decision of managers whether to reveal the bailout loan details to the public dominates the disclosure strategy of firms tha...
Keywords: disclosure, relationship capital, reputation management, Covid-19 pandemic, financial crisis
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2023

External Legal Counsel as Transaction Cost Engineer and its Influence on Loan Contract Design and Performance

Peeyush TAORI, Peter POPE, Roberto VINCENZI
We investigate whether external legal counsels (ELCs) affect the design and performance of syndicated loan contracts. Using a dataset of ELCs representing both borrowers and lenders in the U.S. syndicated loan market and fixed effect models, we find that ELCs explain significant variation in loan co...
Keywords: Syndicated Loans, Debt Contracts, Debt Covenants, Banks, Law Firms, Information Asymmetry
  • View
  • Download
  • Bookmark
  •    |