Stephen A. Karolyi

Office of the Comptroller of the Currency

400 7th Street SW

Washington, DC 20219

United States

  • Office of the Comptroller of the Currency

SCHOLARLY PAPERS

33

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158

CROSSREF CITATIONS

44

Scholarly Papers (33)

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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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 1,330 (26,339)
Citation 22

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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 School of Business & Economics and Office of the Comptroller of the Currency
Downloads 1,172 (31,751)

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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 School of Business & Economics and Office of the Comptroller of the Currency
Downloads 1,026 (38,354)
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, University of Notre Dame and ESSEC Business School
Downloads 977 (41,096)
Citation 12

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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 School of Business & Economics and Office of the Comptroller of the Currency
Downloads 955 (42,457)
Citation 19

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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 School of Business & Economics, Office of the Comptroller of the Currency and University of Minnesota
Downloads 896 (46,478)
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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 816 (52,810)
Citation 8

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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 School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 663 (69,275)
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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 642 (72,212)
Citation 10

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earnings management, managerial myopia, structural estimation, financial reporting

10.

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 500 (98,418)
Citation 40

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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
Chapman University - The George L. Argyros School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 475 (104,764)
Citation 1

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capital markets regulation, capital allocation, financing, investment

12.

Are Short Selling Restrictions Effective?

Number of pages: 64 Posted: 19 Mar 2019 Last Revised: 02 Feb 2023
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & Economics, Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 469 (106,574)
Citation 3

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

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 School of Business & Economics, Office of the Comptroller of the Currency, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 413 (123,476)
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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 403 (126,974)
Citation 3

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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 School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 399 (128,472)
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 348 (149,456)

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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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 335 (155,665)
Citation 1

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

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 306 (171,382)

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

19.

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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 301 (174,341)

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

20.

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), Office of the Comptroller of the Currency and Pennsylvania State University - Department of Finance
Downloads 294 (178,756)
Citation 2

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21.

Accounting Information Quality and CDS Term Structure

Number of pages: 43 Posted: 28 Jul 2016 Last Revised: 07 Feb 2022
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 278 (189,313)
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

22.

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 277 (189,999)
Citation 5

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

23.

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 239 (219,956)

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bank resolutions, the real economy, the bank lending channel

24.

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 School of Business & Economics, Office of the Comptroller of the Currency, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 190 (272,242)

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context, information processing, EDGAR, market efficiency

25.

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 190 (272,242)

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26.

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 170 (300,027)

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

27.

The Value of Lending Relationships

Number of pages: 60 Posted: 07 Sep 2022 Last Revised: 09 Mar 2023
Andrew Bird, Michael G. Hertzel, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & 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 157 (320,971)
Citation 2

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syndicated lending, financial covenants, lending relationships, intangible capital

28.

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 145 (342,582)

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Bunching, Targeting, Product Prices, Deposit Rates

29.

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 132 (368,554)
Citation 1

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syndicated loans, interbank linkages, systemic risk, moral hazard

30.

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 School of Business & Economics, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 108 (427,494)
Citation 1

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syndicated lending, financial covenants, control rights, loan pricing

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 School of Business & 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 107 (430,301)

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

32.

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 52 (648,016)

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climate risk, energy transition, coal mining, household finance

33.

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 School of Business & 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