January 2024
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7 Reads
SSRN Electronic Journal
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January 2024
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7 Reads
SSRN Electronic Journal
January 2024
January 2023
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4 Reads
SSRN Electronic Journal
April 2022
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52 Reads
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12 Citations
Management Science
We examine the relationship between pre-grant patent disclosure and analyst forecast accuracy. We take advantage of the passage of the American Inventor’s Protection Act (1999), which mandates the pre-grant public disclosure of all information in patent application documents within 18 months of the initial filings. We find that, on average, the pre-grant patent disclosure of corporate inventions significantly improves the accuracy of analyst forecasts about the patenting firm and this improvement is greater for firms with higher research and development intensity. Nevertheless, improvements in the accuracy of analysts’ forecasts are smaller when firms issue more original and scientifically broader patents. Also, this effect is weaker for firms in states without legal protection for trade secrets. This paper was accepted by Brian Bushee, accounting.
January 2022
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2 Reads
SSRN Electronic Journal
January 2022
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2 Reads
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2 Citations
SSRN Electronic Journal
July 2021
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93 Reads
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8 Citations
Journal of Money Credit and Banking
The multinational syndicated loan market has crossed the $7 trillion threshold. Prior literature argues that weak borrower country's creditor rights is the main limiting factor to cross‐border lending. We find that lender country's creditor rights can partly substitute for weak borrower creditor rights if a lender is from a better creditor rights country. Our results are robust to controlling for a borrower's country laws, its foreign assets, the loan guarantees provided by its foreign parent, and its choice set of lenders.
May 2021
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24 Reads
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26 Citations
European Finance Review
Using a comprehensive dataset collected by the Federal Reserve, I find that over one-third of corporate loans issued by US banks are fully guaranteed by legal entities separate from borrowing firms. Using an empirical strategy that accounts for time-varying firm and lender effects, I find that the existence of a third-party credit guarantee is negatively related to loan risk, loan rate, and loan delinquency. Third-party credit guarantees alleviate the effect of collateral constraints in credit market. Firms (particularly smaller firms) that experience a negative shock to their asset values are less likely to use collateral and more likely to use credit guarantees in new borrowings.
August 2020
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47 Reads
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17 Citations
Journal of Financial Stability
Credit rationing by lending institutions has been the subject of much research in recent decades. Although there are some empirical indications, there is little theoretical justification about how various forms of credit rationing manifest themselves in credit markets. Understanding how these forms emerge in the market is particularly important for regulators in charge of monetary policy who play a crucial role in attaining economic and financial stability during crises and pandemics. This study first offers a theoretical decomposition of credit rationing by showing that three forms of equilibrium credit rationing can exist in the presence of contract heterogeneity. It then provides empirical evidence on each of the three rationing forms using micro-level data on small- and medium-sized enterprises collected by the European Central Bank over the period 2009–2019.
January 2020
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12 Reads
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2 Citations
SSRN Electronic Journal
... Wu et al., 2023). Existing research show that non-financial information disclosed by listed companies (Simpson, 2010), forwardlooking information (Bozzolan et al., 2009), R&D activities (Merkley, 2014), business-related disclosures (Beyhaghi et al., 2023), and corporate social responsibility reports (Cormier & Magnan, 2014;Dhaliwal et al., 2011) can update analysts' beliefs and thereby influence their forecast behavior. So will comprehensive audit announcements issued by government audits affect analysts' forecast accuracy? ...
April 2022
Management Science
... Heitz, Martin, and Ufier (2022) study the determinants of bank monitoring for construction loans. Weitzner and Beyhaghi (2022) and Claessens, Ongena, and Wang (2023) provide evidence for bank information production, e.g., via monitoring. Weitzner and Howes (2021) analyze the cyclicality of bank information production. ...
January 2022
SSRN Electronic Journal
... We match borrower firms in the Dealscan database with annual financial statement information from Compustat using the linking table provided by Beyhaghi et al. (2021). ...
July 2021
Journal of Money Credit and Banking
... Third-party guarantees are an effective way to enhance the creditworthiness of SMEs [11,28] and can alleviate the "financial exclusion" of SMEs by banks [29]. However, guarantee institutions still face issues of insufficient credit enhancement, and the mortgage of fixed assets remains a key element in credit enhancement [11]. ...
May 2021
European Finance Review
... We use a real lending rate as a measure of lending revenues (Ponomarenko, 2022), expecting it to be positively correlated with credit supply. However, information asymmetries and adverse selection can lead to credit rationing reducing supply (Beyhaghi et al., 2020). ...
August 2020
Journal of Financial Stability
... Studies on gender and access to credit have consistently demonstrated that women often face credit constraints and a higher propensity of being credit rationed. For instance, Beyhaghi et al. (2020) discovered that women are more susceptible to credit constraints. This observation is further supported by research conducted by Mijid and Bernask (2013), who analyzed data from 2,820 firms included in the survey of small businesses of the World Bank and discovered that women experience a higher loan denial rate compared to their male counterparts. ...
January 2019
SSRN Electronic Journal
... Non-bank financial intermediaries buy syndicated loans in the secondary market (Ivashina and Scharfstein, 2010;Lee, Li, Meisenzahl, and Sicilian, 2019;Lee, Liu, and Stebunovs, 2022). Related, Berlin, Nini, and Edison (2020) and Beyhaghi, Nguyen, and Wald (2019) identify factors that have contributed to the rise of non-bank lending, while Fleckenstein, Gopal, Gutierrez Gallardo, and Hillenbrand (2020), Fleckenstein (2022), and Aldasoro, Doerr, and Zhou (2022) focus on its cyclicality. The implications of loan sales and securitization on lead bank incentives and loan terms are studied empirically in Benmelech, Dlugosz, and Ivashina (2012), Bord and Santos (2012), Nadauld and Weisbach (2012), and Wang and Xia (2014), and theoretically in Gryglewicz et al. (2024). 2 Bruche, Malherbe, and Meisenzahl (2020) analyze pipeline risk in loan syndication. ...
March 2019
Journal of Corporate Finance
... Its dynamic weighting mechanism, which leverages the strengths of multiple models, ensures resilience in the face of market fluctuations. This adaptability is consistent with findings that emphasize the importance of flexibility in managing volatile markets [44,45]. IMCA's ability to balance risk and return makes it a versatile and reliable tool for portfolio management. ...
January 2013
Journal of Sustainable Finance & Investment
... Third, our work provides some micro-foundations for the emerging body of firm-level studies, which use AIPA as a shock to firms' information environment (e.g. Chondrakis et al. 2019;Hoffmann et al., 2018;Mohammadi et al., 2018;Saidi and Zaldokas, 2019). In the conclusion, we elaborate on these contributions and the policy and managerial implications. ...
January 2018
SSRN Electronic Journal
... 25 Minton, Stulz, and Williamson (2009) and Stulz (2010) find scant evidence that banks use CDS to hedge loans and argue that-while liquid for large corporations-the CDS market is illiquid for the smaller companies that receive a lot of bank loans. Hasan and Wu (2017) find that banks are more likely to sell CDS as a credit enhancement in conjunction with syndicated loan sales. 26 The bulk of loan shares are held by large banks (about 90%), in line with prior evidence that the U.S. syndicated loan primary market is dominated by the large, money center banks (e.g., Ross 2010). ...
January 2015
SSRN Electronic Journal