Be a Redfin Agent. REVISION: Financial Shocks to Lenders and the Composition of Financial CovenantsDate Posted:Tue, 16 Mar 2021 11:15:37 -0500We provide evidence that financial shocks to lenders influence the composition of financial covenants in debt contracts. Overall, our results are consistent with financial covenants being a channel through New: Contracting on GAAP Changes: Large Sample EvidenceDate Posted:Mon, 12 Mar 2018 05:50:50 -0500We explore revealed preferences for the contractual treatment of changes to GAAP in a large sample of private credit agreements issued by publicly held U.S. firms. Based on a discussion of the fundamental economic forces at play and the key features and determinants of (voluntary) CSR reporting, we derive and evaluate possible economic consequences, including capital-market effects for select stakeholders as well as potential firm responses and real effects in firm behavior. We discuss the answers to these questions with particular attention to the use of accounting information in debt contracts. REVISION: The Effects of Price Transparency Regulation on Prices in the Healthcare IndustryDate Posted:Wed, 20 May 2015 08:53:26 -0500Using micro data on actual healthcare purchases, we provide evidence on the causal effects of price transparency regulation (PTR). Middle School. Using micro data on actual healthcare purchases, and exploiting both between- and within-state variation to address endogeneity concerns, we find that PTR reduces the price charged for common, elective medical procedures by approximately 5% and increases the sensitivity of demand to a 1% change in charge prices by 0.5%. REVISION: The Effects of Price Transparency Regulation on Prices in the Healthcare IndustryDate Posted:Tue, 22 Oct 2013 09:27:24 -0500Policymakers have enacted price transparency regulations in over thirty states during the past decade as an attempt to control rising healthcare costs. Please see our updated COVID-19 protocols for the 2022-23 school year. 1,140 sqft. We find that a fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.3% on average. By discussing its rich theoretical implications, we expect incomplete contract theory to prove useful in motivating future research and in offering directions to advance our knowledge of how accounting information affects contract efficiency. We find that although PTR does not affect payments or consumer search, it does cause hospitals to reduce charges by approximately 5%. The decrease in investment is at least as large for non-US as for US firms, suggesting that widespread extraterritorial enforcement helps to create a level foreign-investment playing field. This website uses cookies to ensure the best user experience. It draws on an extensive review of the relevant academic (CSR and non-CSR) literatures in accounting, economics, finance, and management. We find that a fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.3% on average. This paper presents new evidence that aims to distinguish between several potential explanations for these capital-market effects. IFRS adoption offers a unique setting to study managers preferences for fair value vs. historical cost accounting for non-financial assets when market forces, rather than regulators, determine the choice. We group the studies into seven topical areas, each represented by its own summary table, and add a table containing CSR review and summary articles at the end. Science Odyssey 2023 OPEN for Registration Performance covenants serve as tripwires that limit agency problems via the transfer of control to lenders in states where the value of their claim is at risk. REVISION: Accounting Information in Financial Contracting: The Incomplete Contract Theory PerspectiveDate Posted:Tue, 01 Mar 2016 09:48:12 -0600This paper reviews theoretical and empirical work on financial contracting that is relevant to accounting researchers. When acquiring a firm in a corrupt country, FCPA firms increase the length of their due diligence and the likelihood of disclosing an accounting advisor. This includes the effect of transparency regulation on healthcare prices and labor safety, as well as, foreign corruption regulation on economic development. Our research design compares the cross-border migration of accounting professionals relative to tightly-matched other professionals before and after regulatory harmonization. Schedule Viewer. As a result of debt contracting, mandatory accounting changes are expected to affect the likelihood of violating existing covenants based on rolling GAAP, leading to a redistribution of wealth between shareholders and lenders. REVISION: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and EnforcementDate Posted:Wed, 05 Feb 2014 05:03:35 -0600This paper examines the economic effects of changes in securities regulation. While this evidence is broadly consistent with an efficiency role for GAAP changes in debt contracting, it is also consistent with a shift in standard setters focus offering a partial explanation of why fewer contracts rely on GAAP changes in 2012 than in 1994. REVISION: Financial Shocks to Lenders and the Composition of Financial CovenantsDate Posted:Mon, 13 Apr 2020 03:09:47 -0500We show that financial shocks to lenders affect the composition of covenants in new debt contracts in a way that cannot be explained by borrower fundamentals. This paper provides empirical evidence on the effects of these regulations. We provide evidence that this effect is due to harmonization, rather than increases in the demand for accounting services during the implementation of the rule changes. Moreover, we find similar liquidity effects for firms that experience enforcement changes but do not concurrently switch to IFRS. We find a significant increase in the proportion of liquid assets invested in equity, both when a households own country adopts the regulation and when other countries adopt the regulation. Hans Christensen Middle School is a Public school that serves grade levels 6-8. We empirically test whether mandatory GAAP changes play an efficiency role by examining the revealed preferences for including vs. excluding mandatory GAAP changes in debt contracts. REVISION: Mandatory IFRS Reporting and Changes in EnforcementDate Posted:Mon, 08 Oct 2012 19:06:53 -0500In recent years, a number of countries have made reporting under International Financial Reporting Standards (IFRS) mandatory. However, these reductions do not lead to lower actual payments, even for price sensitive patients or in cases where contracts often link payments directly to charges, indicating little (if any) welfare implications. Academics Find Significant Benefits and the Costs Appear, REVISION: Capital-Market Effects of Securities Regulation: The Role of Prior Regulation, Implementation and En, REVISION: Capital Versus Performance Covenants in Debt Contracts, REVISION: Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement, REVISION: Capital versus Performance Covenants in Debt Contracts. Consistent with proprietary costs of increased transparency partly explaining the effect, firms with abnormally high profits experience the largest reductions in equity value and, in industries selected for increased regulatory scrutiny, profitability mean reverts faster after PFRE. REVISION: Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?Date Posted:Wed, 27 Feb 2013 14:27:05 -0600The choice between fair value and historical cost accounting is the subject of long-standing controversy among accounting academics and regulators. We study the choice of fair value versus historical cost accounting for non-financial assets in a setting where market forces rather than regulators determine the outcome. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Home Tours. ClassInfo created and maintained by the Humphrey School of Public Affairs. With the exception of investment property owned by real estate companies, historical cost by far dominates fair value in practice. We find that, after a mid-2000s increase in enforcement of the US Foreign Corrupt Practices Act (FCPA), economic activity (measured by nighttime luminosity) in African communities within a 50-kilometer radius of natural resource extraction facilities subject to the FCPA increases by 8%. Additional evidence suggests that the inclusion in financial reports, rather than unobservable factors associated with regulatory intervention, drives these effects. The reputational costs of perceived overcharging appear to be one impetus for the reduction in charges, suggesting that certain stakeholders who are able to impose costs on hospitals are unaware that hospitals can decouple charges from payments. To directly explore the mechanism through which households willingness to directly invest in the equity market increases, we show that the effect of securities regulation is stronger in countries where trust is low and between countries where cultural biases are most pronounced. Consistent with the increase in economic activity being driven, at least in part, by existing extraction firms shifting to business practices that are more beneficial to the local communities where they operate, the association between resource production and local economic activity increases by 37%. The capital-market effects of this change have been extensively studied, but their sources are not yet well understood and still heavily debated. REVISION: The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting ProfessionDate Posted:Wed, 13 Jul 2016 01:04:38 -0500The paper examines whether international regulatory harmonization increases cross-border labor migration. Academics Find Significant Benefits and the Costs AppearDate Posted:Fri, 09 Mar 2012 12:23:41 -0600Kim and Shi (this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal a conclusion that is similar to many published papers on IFRS adoption. Theoretically, it is unclear whether the benefits to shareholders of an increase in enforcement outweigh the costs. We exploit a unique setting in Germany where firms could voluntarily adopt IFRS before mandatory compliance in 2005. HOMEWORK CLUB today in the MPR after school until 2:30. Our results indicate that lenders preferences influence the use of accounting information in debt contracts. CMS Winter Concert - Orchestra, 7 p.m. 7:00 PM - 8:30 PM REVISION: The Only Prescription is Transparency: The Effect of Charge-Price-Transparency Regulation on Healthcare PricesDate Posted:Thu, 01 Nov 2018 04:41:46 -0500We examine the effect of charge-price-transparency regulation (PTR)a common policy solution intended to curb rising healthcare costson hospitals prices. PTA 8th Grade Promotion Dance and Lei Ordering Information. Email Settings. Click above for more information. REVISION: The Real Effects of Mandated Non-Financial Information in Financial Reports: Evidence from Mine-Safety RecordsDate Posted:Wed, 29 Jun 2016 11:58:29 -0500We examine the real effects of mandatory, non-financial disclosures, which require SEC-registered mine owners to include their mine-safety records in their financial reports. 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