Annual Conference

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Accounting

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May 2017

This paper examines equity market perceptions of fair value reporting for tangible assets. We identify six events—four designated as increasing, two as decreasing—affecting the likelihood of US adoption of fair value reporting for investment property (i.e., real estate) assets, one of the larges...
Keywords: fair value, event study, tangible assets, convergence
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Annual Conference

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Economic Transformation of Asia

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May 2017

An efficient market economy requires firm exits so that resources are lured or forced away from unproductive uses. Creditors’ ability to seize defaulters’ assets is an important aspect of making the process of exit of firms efficient. I examine the implications of suppressing the normal competit...
Keywords: Misallocation, Access to credit, Bank Credit, financial institutions, firm performance
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

We propose a regime-switching approach to deal with the lower bound on nominal interest rates in dynamic term structure modelling. In the “lower bound regime”, the short term rate is expected to remain constant at levels close to the effective lower bound; in the “normal regime”, the short r...
Keywords: monetary policy rate expectations, regime switches, term premia, term structure of interest rates, zero lower bound
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

This paper employs various tools from computational linguistics to monetary policy statements to gain exploratory insights into the nature of central bank communication. The sample was taken from a wide array of central banks, covering major central banks and others under the inflation-targeting (IT...
Keywords: monetary policy, Communication, Computational linguistics
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Annual Conference

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Accounting

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May 2017

We empirically study how collusion in the product markets affects firms’ financial disclosure strategies. By exploiting exogenous variations to the costs of illegal pricefixing, we find that U.S. firms start sharing more detailed information in their financial disclosure about their customers, con...
Keywords: Voluntary Disclosure, Antitrust Enforcement, Collusion, Tacit Coordination
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