Stephen A. Karolyi

Office of the Comptroller of the Currency

400 7th Street SW

Washington, DC 20219

United States

SCHOLARLY PAPERS

38

DOWNLOADS
Rank 5,016

SSRN RANKINGS

Top 5,016

in Total Papers Downloads

16,559

TOTAL CITATIONS
Rank 7,083

SSRN RANKINGS

Top 7,083

in Total Papers Citations

193

Scholarly Papers (38)

1.

How do Firms Respond to Political Uncertainty? Evidence from U.S. Gubernatorial Elections

Number of pages: 53 Posted: 16 Jun 2017 Last Revised: 21 Mar 2023
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 1,408 (28,086)
Citation 34

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political uncertainty, real activity, voluntary disclosure

2.

Governance and Taxes: A Note on Methodology

Number of pages: 2 Posted: 27 Feb 2018
Andrew Bird and Stephen A. Karolyi
Chapman University - The George L. Argyros College of Business and Economics and Office of the Comptroller of the Currency
Downloads 1,208 (35,102)

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3.

Do Institutional Investors Demand Public Disclosure?

Number of pages: 50 Posted: 09 Apr 2015 Last Revised: 28 Jul 2023
Andrew Bird and Stephen A. Karolyi
Chapman University - The George L. Argyros College of Business and Economics and Office of the Comptroller of the Currency
Downloads 1,093 (40,611)
Citation 22

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

4.

Earnings Announcement Return Extrapolation

Number of pages: 62 Posted: 22 Jan 2016 Last Revised: 04 Sep 2020
Aytekin Ertan, Stephen A. Karolyi, Peter Kelly and Robert Stoumbos
London Business School, Office of the Comptroller of the Currency, Claremont McKenna College and ESSEC Business School
Downloads 1,062 (42,435)
Citation 14

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return extrapolation, earnings announcements, expectation formation

5.

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
Chapman University - The George L. Argyros College of Business and Economics and Office of the Comptroller of the Currency
Downloads 999 (46,238)
Citation 24

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governance, taxes, institutional ownership, regression discontinuity

6.

Strategic Disclosure Misclassification

Number of pages: 56 Posted: 12 May 2016 Last Revised: 19 Jan 2018
Andrew Bird, Stephen A. Karolyi and Paul Ma
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and University of Minnesota
Downloads 941 (50,181)
Citation 2

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

7.

Supervisory Sentiment: Evidence from Stress Test Disclosures

Number of pages: 57 Posted: 03 Jul 2015 Last Revised: 09 Mar 2023
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 861 (56,699)
Citation 8

Abstract:

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regulatory disclosure, stress tests, CCAR, financial institutions

8.

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
Chapman University - The George L. Argyros College of Business and Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 719 (72,050)
Citation 2

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

9.

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
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 662 (80,007)
Citation 10

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earnings management, managerial myopia, structural estimation, financial reporting

10.

Are Short Selling Restrictions Effective?

OFR 23-08
Number of pages: 64 Posted: 19 Mar 2019 Last Revised: 08 Oct 2024
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 538 (103,935)
Citation 5

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

11.

Information, Financing, and Investment

Number of pages: 58 Posted: 12 Jan 2018 Last Revised: 09 Jul 2020
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 529 (106,402)
Citation 1

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capital markets regulation, capital allocation, financing, investment

12.

Personal Lending Relationships

Number of pages: 78 Posted: 06 Sep 2014 Last Revised: 14 Jan 2017
Stephen A. Karolyi
Office of the Comptroller of the Currency
Downloads 525 (107,161)
Citation 48

Abstract:

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lending relationships, loan contracting, financial flexibility

13.

More is Less: Publicizing Information and Market Feedback

Review of Finance, Forthcoming
Number of pages: 51 Posted: 05 Aug 2020 Last Revised: 23 Oct 2021
Andrew Bird, Stephen A. Karolyi, Thomas Ruchti and Phong Truong
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 453 (127,849)
Citation 1

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EDGAR, real effects of financial markets, price efficiency, price informativeness, information acquisition, SEC regulation, information technology

14.

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, Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 418 (140,611)
Citation 3

Abstract:

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external governance, investment, internal capital markets

15.

Lender Forbearance

Number of pages: 46 Posted: 30 Jun 2017
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 410 (143,767)
Citation 4

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

16.

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 Office of the Comptroller of the Currency
Downloads 389 (152,645)

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

17.

Regulating Information

Number of pages: 50 Posted: 19 Oct 2016 Last Revised: 11 Nov 2017
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 343 (175,219)
Citation 1

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

18.

Does Sovereign Default Risk Explain Cryptocurrency Adoption? International Evidence from Mobile Apps

Number of pages: 41
Rashad Ahmed, Stephen A. Karolyi and Leili Pour Rostami
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Office of the Comptroller of the Currency and University of Massachusetts Boston
Downloads 341

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sovereign debt, consumer finance, cryptocurrency, mobile apps, fintech

19.

Deregulation, Market Structure, and the Evolution of U.S. Banking

Number of pages: 93 Posted: 29 Oct 2019 Last Revised: 25 Aug 2024
Emilio Bisetti, Stephen A. Karolyi and Stefan Lewellen
Hong Kong University of Science and Technology (HKUST), Office of the Comptroller of the Currency and Pennsylvania State University - Department of Finance
Downloads 339 (177,481)
Citation 4

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bank deregulation, deposit market structure, risk-taking, Global Financial Crisis

20.

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
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 322 (187,471)

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

21.

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
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 321 (188,064)

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

22.

Accounting Information Quality and CDS Term Structure

Number of pages: 43 Posted: 28 Jul 2016 Last Revised: 16 Aug 2024
Aytekin Ertan, Stephen A. Karolyi and Kalin S. Kolev
London Business School, Office of the Comptroller of the Currency and City University of New York (CUNY) - Stan Ross Department of Accountancy
Downloads 300 (202,110)
Citation 1

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accounting information quality, credit default swaps, term structure, meeting or beating analysts’ consensus, earnings management, ERC, the predictive ability of earnings

23.

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 Office of the Comptroller of the Currency
Downloads 295 (205,799)
Citation 5

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

24.

Meeting Targets in Competitive Product Markets

Journal of Finance forthcoming
Number of pages: 121 Posted: 06 Feb 2022 Last Revised: 27 Nov 2023
Emilio Bisetti and Stephen A. Karolyi
Hong Kong University of Science and Technology (HKUST) and Office of the Comptroller of the Currency
Downloads 290 (209,411)

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Bunching, Targeting, Product Prices, Deposit Rates

25.

Does Context Matter for Information Transfer?

Number of pages: 45 Posted: 20 Mar 2023
Andrew Bird, Stephen A. Karolyi, Thomas Ruchti and Phong Truong
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 250 (243,267)

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context, information processing, EDGAR, market efficiency

26.

Fighting Failure: The Persistent Real Effects of Resolving Distressed Banks

Number of pages: 71 Posted: 09 Apr 2021 Last Revised: 12 Jul 2023
Ivan Ivanov and Stephen A. Karolyi
Federal Reserve Bank of Chicago and Office of the Comptroller of the Currency
Downloads 246 (247,274)

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bank resolutions, the real economy, the bank lending channel

27.

Passing Through? Bank Entry and the Deposits Channel

Number of pages: 65 Posted: 14 Oct 2020 Last Revised: 24 Mar 2021
Emilio Bisetti, Stephen A. Karolyi and Stefan Lewellen
Hong Kong University of Science and Technology (HKUST), Office of the Comptroller of the Currency and Pennsylvania State University - Department of Finance
Downloads 214 (282,557)

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28.

The Value of Lending Relationships

OFR 24-02
Number of pages: 60 Posted: 07 Sep 2022 Last Revised: 08 Oct 2024
Andrew Bird, Michael G. Hertzel, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Arizona State University (ASU) - Finance Department, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 204 (295,382)
Citation 2

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syndicated lending, financial covenants, lending relationships, intangible capital

29.

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
Office of the Comptroller of the Currency and Villanova University - Department of Finance
Downloads 177 (336,058)

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

30.

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
Office of the Comptroller of the Currency
Downloads 146 (395,448)
Citation 1

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syndicated loans, interbank linkages, systemic risk, moral hazard

31.

The Credit Channel of Fiscal Policy Transmission

Number of pages: 45 Posted: 06 Sep 2022 Last Revised: 30 Sep 2022
Andrew Bird, Stephen A. Karolyi, Stefan Lewellen and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency, Pennsylvania State University - Department of Finance and Government of the United States of America - Office of Financial Research
Downloads 145 (397,590)

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fiscal policy, AJCA, tax, tax holidays, banking, financial intermediation

32.

Number Processing Constraints and Earnings News

Management Science, Forthcoming
Number of pages: 75 Posted: 14 Feb 2024
Stephen A. Karolyi, Thomas Ruchti and Phong Truong
Office of the Comptroller of the Currency, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 130 (435,754)

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neural constraints, cognitive limitations, number processing, earnings news, earnings response coefficients, post-earnings announcement drift

33.

Estimating the Cost of Control Rights in the Corporate Loan Market

Number of pages: 55 Posted: 07 Sep 2022
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 126 (443,698)
Citation 1

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syndicated lending, financial covenants, control rights, loan pricing

34.

Energy Transitions and Household Finance: Evidence from U.S. Coal Mining

Number of pages: 59 Posted: 22 Sep 2022
Ding Du and Stephen A. Karolyi
Government of the United States of America - Office of the Comptroller of the Currency (OCC) and Office of the Comptroller of the Currency
Downloads 79 (608,471)

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climate risk, energy transition, coal mining, household finance

35.

Back to Basics: Bank Beta and Systemic Risk 

Number of pages: 50 Posted: 02 Aug 2024
Ding Du, Stephen A. Karolyi and Feng Li
Government of the United States of America - Office of the Comptroller of the Currency (OCC), Office of the Comptroller of the Currency and Government of the United States of America - Office of the Comptroller of the Currency (OCC)
Downloads 31 (905,624)

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systemic risk, beta, marginal expected shortfall

36.

A Public Market Test of Private Credit Markets: The "Bright Side" Versus the "Dark Side" of Relationship Lending *

Number of pages: 26 Posted: 31 Jul 2024
Allen N. Berger, Jiarui Guo, Stephen A. Karolyi and Leili Pour Rostami
University of South Carolina - Darla Moore School of Business, University of South Carolina - Department of Finance, Office of the Comptroller of the Currency and University of Massachusetts Boston
Downloads 27 (942,990)

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Relationship lending, syndicated loans, secondary loan market, bid-ask spreads JEL Classification: G12, G21, G23

37.

Internal Loan Ratings, Supervision, and Procyclical Leverage

Number of pages: 40 Posted: 17 Oct 2024
Stephen A. Karolyi, Lewis Gaul, Jonathan Jones and Pinar Uysal
Office of the Comptroller of the Currency, Government of the United States of America - Office of the Comptroller of the Currency (OCC), Government of the United States of America - Office of the Comptroller of the Currency (OCC) and Board of Governors of the Federal Reserve System
Downloads 18 (1,037,589)

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38.

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
Chapman University - The George L. Argyros College of Business and Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research

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