Hayong Yun

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Robert Battalio2
Bill Mcdonald2
Dan Weaver1
2Robert Battalio
2Bill Mcdonald
1Dan Weaver
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In this paper, we examine how the violation of loan covenants (technical default) impacts firm dividend policy. Using contract-level loan data for nonfinancial firms in the U.S., we find that the occurrence of a covenant violation significantly increases the likelihood of a dividend reduction in the subsequent quarter. Moreover, we find that the degree of(More)
The industrial electricity usage growth rate predicts future stock returns up to one year with an R-squared of 9%. High industrial electricity usage today predicts low stock returns in the future, consistent with a countercyclical risk premium. Industrial electricity usage tracks the output of the most cyclical sectors. Our findings bridge a gap between the(More)
This research investigates the real effects of public liquidity provision. Using the Commercial Paper Funding Facility's (CPFF) eligibility criteria for non-financial commercial paper issuers as the identification strategy, we show that firms with access to the CPFF were able to mitigate the financing disruptions caused by the Lehman Brothers bankruptcy and(More)
The 1964 Securities Acts Amendments extended disclosures mandated of NYSE firms to most firms trading in the Over-the-Counter (OTC) market. Although some prior evidence suggests substantial value increases for OTC firms due to the " value enhancing " mandated disclosures, we find no statistical difference in announcement returns for OTC firms moving to the(More)
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