Annual Conference

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Accounting

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May 2023

All in a day’s work: What do we learn from Analysts’ Bloomberg Usage?

Zhi DA, Azi BEN-REPHAEL, Ryan D. ISRAELSEN, Bruce CARLIN
We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft i...
Keywords: Analyst, Effort Provision, Forecast Accuracy
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Annual Conference

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Accounting

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May 2023

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul H. DÉCAIRE, Denis SOSYURA
Using micro data on managerial expenditures, we uncover heuristics in capital budgets, such as nominal rigidity, anchoring, and sharp reset deadlines. Such heuristics engender managerial opportunism and erode investment efficiency. Managers with a budget surplus increase investment sharply before bu...
Keywords: capital budgeting, governance, fallacy, managerial heuristics
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Annual Conference

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Accounting

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May 2023

Does Relationship Lending Discipline Disclosure? Evidence from Bailout Loans

Daniel RABETTI
Assessing the Paycheck Protection Program (PPP) — a financial rescue program designed to cover firms’ payroll expenses during the Covid-19 pandemic — I document that the decision of managers whether to reveal the bailout loan details to the public dominates the disclosure strategy of firms tha...
Keywords: disclosure, relationship capital, reputation management, Covid-19 pandemic, financial crisis
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Annual Conference

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Accounting

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May 2023

External Legal Counsel as Transaction Cost Engineer and its Influence on Loan Contract Design and Performance

Peeyush TAORI, Peter POPE, Roberto VINCENZI
We investigate whether external legal counsels (ELCs) affect the design and performance of syndicated loan contracts. Using a dataset of ELCs representing both borrowers and lenders in the U.S. syndicated loan market and fixed effect models, we find that ELCs explain significant variation in loan co...
Keywords: Syndicated Loans, Debt Contracts, Debt Covenants, Banks, Law Firms, Information Asymmetry
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Annual Conference

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Trade, Growth and Development

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May 2023

The Effects of Climate Change on Labor and Capital Reallocation

Jacopo PONTICELLI, Christoph ALBERT, Paula BUSTOS
Climate change is expected to reduce agricultural productivity in developing countries. Potential adaptation paths include the reallocation of capital and labor towards non-agricultural sectors or other regions. We study the experience of Brazil to provide direct evidence on these mechanisms. We doc...
Keywords: Droughts, SPEI, Brazil, Migration, Financial Integration
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