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

27

DOWNLOADS
Rank 4,419

SSRN RANKINGS

Top 4,419

in Total Papers Downloads

11,148

SSRN CITATIONS
Rank 11,302

SSRN RANKINGS

Top 11,302

in Total Papers Citations

70

CROSSREF CITATIONS

36

Scholarly Papers (27)

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 1,083 (23,920)

Abstract:

Loading...

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 934 (29,710)
Citation 22

Abstract:

Loading...

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

3.

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 - Department of Accounting
Downloads 883 (32,116)
Citation 12

Abstract:

Loading...

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

4.

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 860 (33,297)
Citation 13

Abstract:

Loading...

governance, taxes, institutional ownership, regression discontinuity

5.

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 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 815 (35,816)
Citation 2

Abstract:

Loading...

return extrapolation, earnings announcements, expectation formation

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
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and University of Minnesota
Downloads 761 (39,355)
Citation 1

Abstract:

Loading...

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

7.

Bias and the Efficacy of Stress Test Disclosures

Number of pages: 52 Posted: 03 Jul 2015 Last Revised: 30 Mar 2020
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - Department of Accounting
Downloads 673 (46,728)
Citation 9

Abstract:

Loading...

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 - Department of Accounting
Downloads 576 (56,874)
Citation 10

Abstract:

Loading...

earnings management, managerial myopia, structural estimation, financial reporting

9.

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 - Department of Accounting
Downloads 477 (71,904)
Citation 2

Abstract:

Loading...

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

10.

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 446 (77,942)
Citation 24

Abstract:

Loading...

lending relationships, loan contracting, financial flexibility

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
Carnegie Mellon University, London Business School, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - Department of Accounting
Downloads 389 (91,410)
Citation 1

Abstract:

Loading...

capital markets regulation, capital allocation, financing, investment

12.

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 - Department of Accounting
Downloads 349 (103,470)
Citation 3

Abstract:

Loading...

external governance, investment, internal capital markets

13.

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 - Department of Accounting
Downloads 309 (118,263)
Citation 1

Abstract:

Loading...

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

14.

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 302 (121,219)

Abstract:

Loading...

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

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 - Department of Accounting
Downloads 301 (121,659)
Citation 4

Abstract:

Loading...

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

16.

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 - Department of Accounting
Downloads 249 (147,859)

Abstract:

Loading...

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

17.

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 (CUNY) - Stan Ross Department of Accountancy
Downloads 248 (148,487)
Citation 1

Abstract:

Loading...

reporting benchmarks, accruals, information quality, credit default swaps

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 - Department of Accounting
Downloads 245 (150,900)

Abstract:

Loading...

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

19.

More is Less: Publicizing Information and Market Feedback

Review of Finance, Forthcoming
Number of pages: 51 Posted: 05 Aug 2020 Last Revised: 30 Nov 2020
Andrew Bird, Stephen A. Karolyi, Thomas Ruchti and Phong Truong
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business, Carnegie Mellon University - Department of Accounting and Pennsylvania State University
Downloads 231 (159,032)
Citation 1

Abstract:

Loading...

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

20.

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 229 (160,351)
Citation 3

Abstract:

Loading...

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

21.

Are Short Selling Restrictions Effective?

Number of pages: 70 Posted: 19 Mar 2019 Last Revised: 08 Sep 2020
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & Economics, Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - Department of Accounting
Downloads 222 (165,215)
Citation 4

Abstract:

Loading...

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

22.

The Blessing and Curse of Deregulation

Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 79 Posted: 29 Oct 2019 Last Revised: 02 Nov 2020
Emilio Bisetti, Stephen A. Karolyi and Stefan Lewellen
Hong Kong University of Science and Technology (HKUST), Carnegie Mellon University - David A. Tepper School of Business and Pennsylvania State University
Downloads 158 (223,770)
Citation 2

Abstract:

Loading...

23.

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 146 (238,634)

Abstract:

Loading...

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

24.

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 118 (281,073)
Citation 1

Abstract:

Loading...

syndicated loans, interbank linkages, systemic risk, moral hazard

25.

Fighting Failure: The Persistent Real Effects of Resolving Distressed Banks

Number of pages: 61 Posted: 09 Apr 2021
Ivan Ivanov and Stephen A. Karolyi
Board of Governors of the Federal Reserve System and Carnegie Mellon University - David A. Tepper School of Business
Downloads 85 (356,506)

Abstract:

Loading...

bank resolutions, the real economy, the bank lending channel

26.

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), Carnegie Mellon University - David A. Tepper School of Business and Pennsylvania State University
Downloads 59 (425,776)

Abstract:

Loading...

27.

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 - Department of Accounting

Abstract:

Loading...

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