Using a large sample of collateralized loan obligation (CLO) portfolios, we examine the role of borrowers’ information quality in corporate loan securitization. We find that all else equal, CLO managers prefer loans from firms with high information quality. This effect is stronger when...

We investigate whether a sentiment effect arising from poor air quality impacts stock prices. We find little evidence suggesting that local air quality directly affects stock prices. However, we show that the local air quality index (which is increasing in air pollution) relative to that of...

We study whether and how corporate loan securitization through collateralized loan obligations (CLOs) has changed the nature of bank lending relationship. We use a large dataset of CLO collaterals to identify securitized loans and the relationship lenders. We show that even if a relationship...

We study whether and how corporate loan securitization through collateralized loan obligations (CLOs) has changed the nature of bank lending relationship. We use a large dataset of CLO collaterals to identify securitized loans and the relationship lenders. We show that even if a relationship...

Using the Troubled Asset Relief Program (TARP) as a laboratory, this paper examines the impacts of bank bailouts on bank-dependent clients. We find that large TARP recipient banks reduce credit supply to dependent borrowers in the post-TARP period. Such effect is more pronounced when recipient...

We examine the association between network centrality and research using the accounting research community setting. We establish co-authorship network using papers published in the five top accounting journals from 1980 to 2016. We find that the co-authorship network in accounting is a "small...

Purpose: This study argues that leader humility is an important facilitator of team creativity. Based on social learning theory, the study explores a new mechanism that links humble leader behavior to team creativity through a path of team learning. Design/methodology/approach: Data were...

Workplace equality is an important and integral component of firms’ corporate social responsibility. We argue that firms need to expend substantial resources to mitigate potential LGBT litigation risk or accommodate actual litigation costs, and absorb labor adjustment costs associated with...