If the location of a firm's operations is relevant for financing, multinationals should have easier access to different foreign sources of funding relative to purely domestic firms because their operations are located in multiple countries. Consistent with this hypothesis, I find that U.S....

We show that foreign lenders and low market share lenders extend more credit in comparison to other lenders during lending booms leading to banking crises, but not during other credit expansions. Less established lenders also increase the amount of credit they extend to riskier borrowers,...

This paper studies how the investment horizon of institutional investors affects firms' earnings management strategies. We find that firms largely held by long-term investors are more likely to manage earnings through adjusting operational decisions than through manipulating accruals. The impact...

This paper studies how the investment horizon of institutional investors affects firms' earnings management strategies. We find that firms with long-term investors are more likely to manage earnings through real activities manipulation than through accruals. The impact of the investor trading...