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Full-Text Articles in Business
Ceo Political Ideology And Voluntary Forward-Looking Disclosure, Ahmed Elnahas, Lei Gao, Md Noman Hossain, Jeong-Bon Kim
Ceo Political Ideology And Voluntary Forward-Looking Disclosure, Ahmed Elnahas, Lei Gao, Md Noman Hossain, Jeong-Bon Kim
Finance Faculty Publications and Presentations
This study investigates whether the management earnings forecasts of Republican and Democratic CEOs differ due to systematic differences in their information disclosure preferences. We find that Republican CEOs prefer a less asymmetric information environment than Democrat CEOs, and thus make more frequent, timelier, and more accurate disclosures than Democrat CEOs. Results using the propensity score matched sample and difference-in-differences analysis show that our results are unlikely to be driven by potential endogeneity. Our results are robust to controlling for various CEO characteristics and are stronger for firms with higher levels of institutional ownership and litigation risk.
Competition Law Reform And Firm Performance: Evidence From Developing Countries, Incheol Kim, Suin Lee, Bina Sharma
Competition Law Reform And Firm Performance: Evidence From Developing Countries, Incheol Kim, Suin Lee, Bina Sharma
Finance Faculty Publications and Presentations
We examine the effects of competition laws on firm performance in East Asian countries that have enacted antitrust legislation in the last three decades. Exploiting the staggered changes of these laws as quasi-exogenous shocks, we find that strengthened competition laws improve firm performance. Treated firms increase R&D investments and efficiency in inventory and asset management, while free cash flow decreases after reforms. Also, the effect of competition laws on firm performance is stronger with weaker corporate governance. Our findings indicate that government intervention promoting competitive market environments could benefit corporate owners in emerging markets where corporate governance is often substandard.
Unusual Changes In The U.S. Treasury Security Market During The Fourth Round Of Quantitative Easing, Kyle D. Allen, Scott E. Hein
Unusual Changes In The U.S. Treasury Security Market During The Fourth Round Of Quantitative Easing, Kyle D. Allen, Scott E. Hein
Finance Faculty Publications and Presentations
The Covid-19 Pandemic and policy response rattled the US Treasury markets. Conventional US Treasuries, inflation adjusted US Treasuries, and the relationship between the two developed in ways such that ignoring changes in real interest rates yielded distorted inflation expectations estimates. Since the beginning of the pandemic, monetary policy kept nominal rates low and close to zero, but positive. Real rates, on the other hand, became increasingly negative. The relationship between the two market rates became negatively correlated, and distorted because of the fourth round of quantitative easing, along with the Fed preventing nominal yields from turning negative. Federal Reserve actions …
The Competitive Environment Of U.S. Community Banking: A Nationwide Survey Of Rural And Metropolitan Community Bankers, Robert D. Morrison, Dave Jackson, Joo Y. Jung
The Competitive Environment Of U.S. Community Banking: A Nationwide Survey Of Rural And Metropolitan Community Bankers, Robert D. Morrison, Dave Jackson, Joo Y. Jung
Finance Faculty Publications and Presentations
Prior empirical research found that in the United States, rural community banks earn higher profits than their metropolitan counterparts and have lower risk loan portfolios as well. Investigating community bank failures since 2000 we find support for the competition-fragility view that increased competition in banking correlates with an increase in bank failures based on the finding that preponderance of US bank failures are community banks in metropolitan areas where they face direct competition from multiple large banks. This study tests seven hypotheses using a nationwide survey of community bankers. The results indicate metropolitan bankers perceive an intense competitive environment where …