Stephen A. Karolyi

Carnegie Mellon University - David A. Tepper School of Business

Assistant Professor

5000 Forbes Avenue

Pittsburgh, PA 15213-3890

United States

SCHOLARLY PAPERS

23

DOWNLOADS
Rank 4,665

SSRN RANKINGS

Top 4,665

in Total Papers Downloads

8,687

CITATIONS
Rank 14,992

SSRN RANKINGS

Top 14,992

in Total Papers Citations

48

Scholarly Papers (23)

1.

Governance and Taxes: A Note on Methodology

Number of pages: 2 Posted: 27 Feb 2018
Andrew Bird and Stephen A. Karolyi
Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 996 (21,590)

Abstract:

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2.

Do Institutional Investors Demand Public Disclosure?

Number of pages: 50 Posted: 09 Apr 2015 Last Revised: 20 May 2016
Andrew Bird and Stephen A. Karolyi
Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 848 (27,245)
Citation 3

Abstract:

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institutional ownership, disclosure policy, 8-K filings and characteristics, announcement returns

3.

Governance and Taxes: Evidence from Regression Discontinuity

Number of pages: 55 Posted: 04 Mar 2015 Last Revised: 06 May 2016
Andrew Bird and Stephen A. Karolyi
Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 803 (29,385)
Citation 6

Abstract:

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governance, taxes, institutional ownership, regression discontinuity

4.

Earnings Announcement Return Extrapolation

7th Miami Behavioral Finance Conference 2016
Number of pages: 74 Posted: 22 Jan 2016 Last Revised: 30 May 2019
Aytekin Ertan, Stephen A. Karolyi, Peter Kelly and Robert C. Stoumbos
London Business School, Carnegie Mellon University - David A. Tepper School of Business, University of Notre Dame and Columbia University - Columbia Business School
Downloads 640 (39,990)
Citation 3

Abstract:

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extrapolation, earnings, earnings announcement returns, behavioral finance, retail investors

5.

Strategic Disclosure Misclassification

Number of pages: 56 Posted: 12 May 2016 Last Revised: 19 Jan 2018
Andrew Bird, Stephen A. Karolyi and Paul Ma
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and University of Minnesota
Downloads 629 (40,937)
Citation 1

Abstract:

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Information Overload; Materality Threshold; Disclosure Misclassification; Voluntary Disclosure; 8-K; Latent Dirichlet Allocation

6.

Political Uncertainty and Corporate Transparency

Number of pages: 44 Posted: 16 Jun 2017 Last Revised: 08 Jul 2017
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 588 (44,781)
Citation 6

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Corporate Transparency, Political Uncertainty, Liquidity, Voluntary Disclosure, Earnings Forecasts

7.

Bias and the Efficacy of Stress Test Disclosures

Number of pages: 52 Posted: 03 Jul 2015 Last Revised: 05 Jul 2019
Andrew Bird, Stephen A. Karolyi, Thomas Ruchti and Austin C. Sudbury
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - Tepper School of Business
Downloads 531 (50,970)
Citation 4

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regulatory disclosure, stress tests, CCAR, financial institutions

8.

Understanding the 'Numbers Game'

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 61 Posted: 18 Mar 2016 Last Revised: 16 Jul 2019
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 469 (59,617)
Citation 4

Abstract:

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earnings management, managerial myopia, structural estimation, financial reporting

9.

Personal Lending Relationships

Number of pages: 78 Posted: 06 Sep 2014 Last Revised: 14 Jan 2017
Stephen A. Karolyi
Carnegie Mellon University - David A. Tepper School of Business
Downloads 411 (70,031)
Citation 2

Abstract:

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lending relationships, loan contracting, financial flexibility

10.

Short-Termism Spillovers from the Financial Industry

Number of pages: 63 Posted: 26 Oct 2016 Last Revised: 05 Jul 2019
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, London Business School, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 353 (83,607)
Citation 2

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lending, short-termism, covenants, monitoring, spillovers, real effects

11.

External Governance and Internal Resource Allocation

Number of pages: 45 Posted: 27 Feb 2017 Last Revised: 05 Jul 2019
James F. Albertus, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University - David A. Tepper School of Business, Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 289 (104,337)
Citation 2

Abstract:

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external governance, investment, internal capital markets

12.

Credit Supply and Contracting on Hard Information in Debt Markets

Number of pages: 52 Posted: 16 Mar 2016 Last Revised: 28 Jan 2018
Aytekin Ertan and Stephen A. Karolyi
London Business School and Carnegie Mellon University - David A. Tepper School of Business
Downloads 277 (109,158)

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loan contracting, hard information, covenants, credit availability, real effects

13.

The Real Effects of Accounting Standards

Number of pages: 55 Posted: 12 Jan 2018 Last Revised: 05 Jul 2019
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, London Business School, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 274 (110,471)

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information regulation, financial markets, debt contracting, corporate investment, internal sources of funds, payout policy

14.

Regulating Information

Number of pages: 50 Posted: 19 Oct 2016 Last Revised: 11 Nov 2017
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 270 (112,118)
Citation 1

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political economy of regulation, financial markets, asymmetric information, cost of capital, capital allocation

15.

Lender Forbearance

Number of pages: 46 Posted: 30 Jun 2017
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, London Business School, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 214 (141,617)
Citation 3

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contract enforcement, financial covenants, credit cycles, external financing, reputation, creditor coordination

16.

The Information Quality Effect of Accruals-Based Benchmark Beating: Evidence from the CDS Market

Number of pages: 50 Posted: 28 Jul 2016 Last Revised: 16 Apr 2018
Aytekin Ertan, Stephen A. Karolyi and Kalin S. Kolev
London Business School, Carnegie Mellon University - David A. Tepper School of Business and City University of New York - Stan Ross Department of Accountancy
Downloads 214 (141,617)

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reporting benchmarks, accruals, information quality, credit default swaps

17.

Do Lenders Have Favorite Auditors?

Number of pages: 45 Posted: 30 Jun 2017 Last Revised: 03 Jul 2019
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 199 (151,583)

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Enders, Auditor Choice, Financial Statement Verification, Contracting Efficiency, Matching

18.

The Burden of Being Public: Evidence from Local Labor Markets

Number of pages: 65 Posted: 08 Aug 2017 Last Revised: 05 Jul 2019
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 192 (156,743)

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initial public offerings, labor demand, compliance costs, regulation, Sarbanes-Oxley Act, JOBS Act

19.

Debt Covenants and the Expected Cost of Technical Default

Number of pages: 48 Posted: 15 Jun 2016
Aytekin Ertan and Stephen A. Karolyi
London Business School and Carnegie Mellon University - David A. Tepper School of Business
Downloads 186 (161,309)
Citation 3

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debt covenants, technical default, control rights, shareholder-debtholder conflict

20.

Operating Risk and the Scope of Lender Control Rights

Number of pages: 50 Posted: 25 Jan 2017 Last Revised: 30 Jan 2017
Stephen A. Karolyi and John Sedunov
Carnegie Mellon University - David A. Tepper School of Business and Villanova University - Department of Finance
Downloads 135 (211,706)

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operating risk, technical default, control rights, governance, syndicated loans

21.

The Amplification of Credit Market Disruptions by Interbank Relationships

Number of pages: 43 Posted: 04 Mar 2015 Last Revised: 17 Apr 2015
Stephen A. Karolyi
Carnegie Mellon University - David A. Tepper School of Business
Downloads 92 (278,238)
Citation 1

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syndicated loans, interbank linkages, systemic risk, moral hazard

22.

Are Short Selling Restrictions Effective?

Number of pages: 59 Posted: 19 Mar 2019 Last Revised: 11 May 2019
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - Argyros School of Business & Economics, Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 77 (310,293)

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short selling, uptick rule, securities regulation, Rule 201, short selling restrictions

23.

Disclosure, Hold-up, and External Finance: Evidence from Private Firms

Posted: 26 Jul 2015 Last Revised: 19 Dec 2016
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business

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voluntary disclosure, initial public offering, hold-up, private firms, loans