We examine whether and how lending banks around the world respond to borrowers' carbon emissions – the major contributors to global warming – in their lending decisions. We find that banks charge a higher loan spread and apply stricter non-price terms to borrowing firms with larger direct...

This study examines the hitherto unexplored question of whether and how a firm's social performance influences the breadth of that firm's share ownership. We predict and find that firms with higher corporate social responsibility (CSR) ratings attract more institutional investors (especially...

Using a sample of non-U.S. borrowers from 40 countries during 1997ndash;2005, this paper investigates the effect of the voluntary adoption of International FinancialReporting Standards (IFRS) on price and non-price terms of loan contracts and loan ownership structure in the international loan...

Using a large sample of both publicly traded and privately held firms in Korea, this paper investigates whether, and how, the deviation of controlling shareholders' control from ownership, business group affiliation, and listing status differentially affect the extent of earnings management. Our...

Taking advantage of the institutional difference in capture between local and non-local media in China, we examine the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we find that, for the same firms, non-local media...

We examine whether the use of eXtensible Business Reporting Language (XBRL) for financial reporting (i.e., interactive data submissions) reduces earnings management during the period of XBRL implementation by the U.S. Securities and Exchange Commission. Using a sample of mandated XBRL filers, we...

This study examines the impact of financial statement comparability on ex ante crash risk. Using the comparability measures of De Franco, Kothari, and Verdi (2011), we find that expected crash risk decreases with financial statement comparability, and this negative relation is more pronounced in...

We examine how the adoption of the eXtensible Business Reporting Language (XBRL) for financial reporting impacts the pricing of bank loans. Using a sample of loans granted to U.S. borrowers from 2007–2013, we find that the adoption of XBRL is associated with a reduction in loan spreads. We...

This study investigates the monitoring role of high-quality auditors defined as office-level industry specialists in the stock market valuation of cash assets. We find that the market value of cash holdings is significantly higher for the client of an industry specialist auditor. The marginal...

The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspaper articles, this study investigates whether the media in China has an incremental impact on stock price efficiency. We find that as...