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We derive a measure of firm-level regulatory costs from the text of corporate earnings calls. We use this measure to study the effect of regulation on companies' operating fundamentals, growth, leverage, and equity returns. We find that higher regulatory cost results in slower sales growth and...
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quality of bank assets and management. All three types of information were useful for gauging the condition of the bank, and … affected bank behavior, including a publicly observable signal (skipping a dividend payment). Participants in the market for … bank liabilities reacted to this signal in ways that promoted market discipline …
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quality of bank assets and management. All three types of information were useful for gauging the condition of the bank, and … affected bank behavior, including a publicly observable signal (skipping a dividend payment). Participants in the market for … bank liabilities reacted to this signal in ways that promoted market discipline …
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