Effective as of November 23, 2016, SEC Regulation (“Reg”) AB II requires issuers of certain types of asset-backed securities (“ABS”) to disclose information about the credit-risk attributes of each asset in the underlying pool. The prior Reg AB required issuers to disclose only...

We document a significant increase in firms' revenue growth rate as they approach $100 million annual revenue. We identify substantial capital markets and other visibility benefits to firms achieving this goal, including discontinuous increases in analyst and media coverage and in transient and...

Prior research acknowledges that the determinants, timeliness, and economic implications of banks' provisions for loan losses (PLL) vary across loan types. However, the lack of machine-readable data on PLL by loan type has precluded researchers from incorporating loan type into the evaluation of...

We examine whether and how measures of market and credit risk modeling identified from banks' financial reports enhance the returns-relevance of their estimated annual unrealized fair value gains and losses for financial instruments. To capture differences in market liquidity and fair valuation...

The use of accounting measures and disclosures in banks' contracts and regulation suggests that the quality of banks' financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks' development of debt and risk overhangs in economic good times and...

During the 2007–2009 financial crisis, many parties criticized aspects of accounting requirements for banks as undermining financial stability. These criticisms generally reflect the view that these requirements primarily affect stability through their effects on banks' regulatory capital...

We investigate whether the market prices the change in net trading assets as an operating or non-operating activity or some mixture of the two, and whether this market pricing is consistent with the (fundamental) association of the change in net trading assets with future cash flows from...

Prior research has found that loan loss provisions are positively associated with bank stock returns and future cash flows, conditional on less discretionary information about loan default. We find that these positive valuation implications obtain only for loan loss provisions for low regulatory...