The effects of financial reporting and disclosure on corporate investment: A review
A fundamental question in accounting is whether and to what extent financial reporting
facilitates the allocation of capital to the right investment projects. Over the last two decades …
facilitates the allocation of capital to the right investment projects. Over the last two decades …
Government intervention and investment efficiency: Evidence from China
S Chen, Z Sun, S Tang, D Wu - Journal of Corporate Finance, 2011 - Elsevier
The extant corporate investment literature has documented that information asymmetry and
agency conflicts between managers and outside investors prevent firms from making optimal …
agency conflicts between managers and outside investors prevent firms from making optimal …
Corporate social responsibility and access to finance
We investigate whether superior performance on corporate social responsibility (CSR)
strategies leads to better access to finance. We hypothesize that better access to finance can …
strategies leads to better access to finance. We hypothesize that better access to finance can …
Corporate governance and equity prices
Shareholder rights vary across firms. Using the incidence of 24 governance rules, we
construct a “Governance Index” to proxy for the level of shareholder rights at about 1500 …
construct a “Governance Index” to proxy for the level of shareholder rights at about 1500 …
CEO overconfidence and corporate investment
We argue that managerial overconfidence can account for corporate investment distortions.
Overconfident managers overestimate the returns to their investment projects and view …
Overconfident managers overestimate the returns to their investment projects and view …
Who makes acquisitions? CEO overconfidence and the market's reaction
Does CEO overconfidence help to explain merger decisions? Overconfident CEOs over-
estimate their ability to generate returns. As a result, they overpay for target companies and …
estimate their ability to generate returns. As a result, they overpay for target companies and …
The real effects of financial constraints: Evidence from a financial crisis
We survey 1,050 Chief Financial Officers (CFOs) in the US, Europe, and Asia to directly
assess whether their firms are credit constrained during the global financial crisis of 2008 …
assess whether their firms are credit constrained during the global financial crisis of 2008 …
The dark side of analyst coverage: The case of innovation
We examine the effects of financial analysts on the real economy in the case of innovation.
Our baseline results show that firms covered by a larger number of analysts generate fewer …
Our baseline results show that firms covered by a larger number of analysts generate fewer …
How does financing impact investment? The role of debt covenants
We identify a specific channel (debt covenants) and the corresponding mechanism (transfer
of control rights) through which financing frictions impact corporate investment. Using a …
of control rights) through which financing frictions impact corporate investment. Using a …
Financial constraints, asset tangibility, and corporate investment
Pledgeable assets support more borrowing, which allows for further investment in
pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on …
pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on …