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To better understand how equity investors influence earnings quality, we compare the quality of accounting numbers produced by two types of public firms – those with publicly-traded equity and those with privately-held equity that are nonetheless considered public by virtue of having publicly-traded debt. We develop and test two hypotheses. The " demand "(More)
Using a sample of secured syndicated loans, I explore the use of intangible assets as loan collateral and whether this credit practice was an innovation or a negative mutation in the corporate loan market. While intangible assets were not traditionally considered as eligible collateral, I find that twenty-one percent of U.S.-originated secured syndicated(More)
Fatty acid oxidation (FAO) defects often present with multi-system involvement, including several life-threatening cardiac manifestations, such as cardiomyopathy, pericardial effusion and arrhythmias. We report herein a fatal case of cardiac dysfunction and rapid-onset tamponade following an acute illness in a neonate with molecularly proven very long chain(More)
  • Colleen Honigsberg, Sharon Katz, +22 authors Omri Yadlin
  • 2015
This paper examines the relationship between debt contracts and state contract law. We first develop an index to evaluate whether each state's law is favorable or unfavorable to lenders. We then analyze how the contract terms, the frequency of covenant violations, and the repercussions of covenant violations vary across states. We find that cash collateral(More)
  • Lawrence Glosten, Suresh Nallareddy, +12 authors Tanos Santos
  • 2015
Very preliminary. Please do not share or quote without permission. and participants of the brownbag seminar at Columbia University for their helpful comments and suggestions. Any remaining errors are our own. Abstract We investigate the effect of ETF trading activity on the informational efficiency of underlying securities. We find that ETF trading(More)
Using a sample of public bonds issued by privately-owned and publicly-owned companies we find that, after controlling for financial fundamentals and information environment effects, the cost of public debt issued by privately-owned companies as captured by ratings and yield spreads is significantly higher than that issued by publicly-owned companies. This(More)
Although managers possess superior firm-level information, recent studies document that management forecasts are less accurate than analyst forecasts. The differences in accuracy can be due to differences in biases, differences in forecast efficiency, or both. We test these hypotheses by comparing investors' earnings expectations, as reflected in stock(More)
This paper examines the economic e¤ects of increased lending to constrained …rms during the recent …nancial crisis. We exploit an accounting change to the de…nition of …rm equity, which provided an exogenous shock to some …rms'debt capacity during the heart of the crisis, to isolate the causal e¤ect on constrained …rms. We …nd that …rms that bene…tted from(More)
In recent years, there has been increased scrutiny of financial reporting and greater analysts and investors attention to indicators of potential earnings management, in particular, to cash and accruals relative to earnings and sales. We assert that, in response, firms have increased their focus on cash management aimed at aligning these variables, which(More)
  • Maria Loumioti, Krishna Palepu, +23 authors Gwen Yu
  • 2011
Using a sample of secured syndicated loans and data from two field studies, I explore whether the collateralization of intangibles was associated with risky lending in the syndicated loan market. While the predominant managerial and scholarly perspective suggests that intangible assets are not eligible collateral, I find that twenty-one percent of(More)