Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- External counsel (2)
- Regulatory capture (2)
- Revolving door (2)
- SEC comment letters (2)
- Bankruptcy (1)
-
- Bargaining Influences (1)
- Chapter 11 (1)
- Corporate customers (1)
- Corporate disclosure (1)
- Corporate governance (1)
- Derivative lawsuits (1)
- Government Customers (1)
- Influence (1)
- Interclaimant wealth transfers (1)
- Lawyers (1)
- Loan Contract Terms (1)
- Peer Information (1)
- Postemergence performance (1)
- Securities and Exchange Commission employees (1)
- Shareholder litigation (1)
- Universal demand laws (1)
- Valuation (1)
Articles 1 - 7 of 7
Full-Text Articles in Entire DC Network
Industry Peer Information And The Equity Valuation Accuracy Of Firms Emerging From Chapter 11, Bingxu Fang, Sasan Saiy
Industry Peer Information And The Equity Valuation Accuracy Of Firms Emerging From Chapter 11, Bingxu Fang, Sasan Saiy
Research Collection School Of Accountancy
Valuation plays a central role in determining Chapter 11 reorganization outcomes. However, obtaining accurate valuation estimates of reorganized firms is challenging because of limited firm-specific market-based information and the oft-conflicting incentives of claimholders. We examine the role of industry peer information in reducing misvaluations and its implications for unintended interclaimant wealth transfers and postreorganization performance. First, we find that the availability of relevant industry peer information is negatively associated with equity valuation errors for firms emerging from Chapter 11. Cross-sectional results suggest that the relation between industry peer information and valuation errors varies substantially with debtors’ information environment and case …
The Compatibility Of The Substance Over Form Doctrine With Tax And Investment Treaties: A Case Study Of Lone Star V The Republic Of Korea, Blazej Kuzniacki
The Compatibility Of The Substance Over Form Doctrine With Tax And Investment Treaties: A Case Study Of Lone Star V The Republic Of Korea, Blazej Kuzniacki
Research Collection School Of Accountancy
In late August 2022, the Lone Star tribunal concluded one of the latest awards in tax-related investment treaty disputes (the tax-related claims account for almost USD 1.5 billion of the total of almost USD 4.7 billion claimed in compensation). It also is the first award in which the tribunal dealt with the application of the substance over form doctrine (SOFD) by tax authorities and courts of the host state to prevent the abuse of a double tax treaty (DTT), and the impact of the refusal to accord the claimants the benefits under the DTT via a domestic (Korean) SOFD on …
The Sec Revolving Door And Comment Letters, Michael Shen, Samuel T. Tan
The Sec Revolving Door And Comment Letters, Michael Shen, Samuel T. Tan
Research Collection School Of Accountancy
Government officials, advocacy groups, and the business press have raised concerns that former SEC employees may continue to influence the SEC after leaving the agency. Using hand-collected data on the characteristics of 1,384 lawyers who represented firms in responding to SEC comment letters between 2005 and 2016, we examine the impact of post-revolving SEC employees on the SEC comment letter process. Among other determinants, we find that older and larger firms with a history of litigation are more likely to hire former SEC lawyers over non-SEC lawyers. Relative to firms that involve only non-SEC lawyers, we find that firms that …
Major Government Customers And Loan Contract Terms, Daniel A. Cohen, Bin Li, Ningzhong Li, Yun Lou
Major Government Customers And Loan Contract Terms, Daniel A. Cohen, Bin Li, Ningzhong Li, Yun Lou
Research Collection School Of Accountancy
We examine the relation between the presence of U.S. government as a major customer and a supplier firm’s loan contract terms, using major corporate customers as a benchmark. We find that firms with major government customers are associated with fewer covenants and a lower likelihood of having performance pricing provisions in their loan contracts. In contrast, we do not find such associations for firms with major corporate customers. Further, we find no evidence that the existence of major government customers is related to the supplier firm’s loan spread, security, or maturity. We conjecture that lenders benefit from the stricter monitoring …
Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael Shen, Samuel T. Tan
Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael Shen, Samuel T. Tan
Research Collection School Of Accountancy
Government officials, advocacy groups, and the business press have raised concerns that former SEC employees may continue to influence the SEC after leaving the agency. Using a hand-collected database of individual lawyers that represent firms in responding to SEC comment letters, we examine the impact of individual lawyers, and lawyers formerly employed by the SEC, on the comment letter process. We document significant differences between lawyers and law firms in their clients’ resistance to SEC comment letters, and find that firms that retain former SEC employees are larger, more profitable, and more likely to have received a comment letter raising …
Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas Bourveau, Yun Lou, Rencheng Wang
Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas Bourveau, Yun Lou, Rencheng Wang
Research Collection School Of Accountancy
Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8-K filings, and increase the length of management discussion and analysis (MD&A) in their 10-K filings. We further assess the direct and indirect channels through which UD laws affect firms' disclosure policies. We find that the effect of UD laws on corporate disclosure is driven by firms facing relatively higher ex …
Reframing The Board Diversity Issue: Set 25 By 25 Target, Themin Suwardy, Surianarayanan Gopalakrishnan
Reframing The Board Diversity Issue: Set 25 By 25 Target, Themin Suwardy, Surianarayanan Gopalakrishnan
Research Collection School Of Accountancy
Studies have shown there is clear association between aboard's gender diversity and company performance. Yet Singapore has been softerthan usual in pushing the agenda. In this commentary, the authors discussed theimportance of setting an explicit hard target with a fixed deadline to reframeboard diversity in Singapore.