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

25

DOWNLOADS
Rank 4,442

SSRN RANKINGS

Top 4,442

in Total Papers Downloads

9,845

SSRN CITATIONS
Rank 12,437

SSRN RANKINGS

Top 12,437

in Total Papers Citations

50

CROSSREF CITATIONS

36

Scholarly Papers (25)

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 1,051 (22,297)

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 889 (28,446)
Citation 14

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 833 (31,216)
Citation 13

Abstract:

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governance, taxes, institutional ownership, regression discontinuity

4.

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 735 (36,998)
Citation 7

Abstract:

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

5.

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 722 (37,906)
Citation 5

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

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 704 (39,243)
Citation 1

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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 608 (47,700)
Citation 7

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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 - Department of Accounting
Downloads 547 (54,553)
Citation 7

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 433 (72,923)
Citation 18

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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 - Department of Accounting
Downloads 404 (79,138)
Citation 2

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

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 344 (95,245)
Citation 1

Abstract:

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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 325 (101,479)
Citation 3

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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 293 (113,577)

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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 293 (113,577)

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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 249 (134,645)
Citation 4

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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 230 (145,540)
Citation 2

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reporting benchmarks, accruals, information quality, credit default swaps

17.

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 228 (146,767)

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

18.

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 223 (149,943)

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

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 211 (157,923)
Citation 3

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

20.

Are Short Selling Restrictions Effective?

Number of pages: 52 Posted: 19 Mar 2019 Last Revised: 20 Nov 2019
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business and Economics, Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - Department of Accounting
Downloads 156 (206,515)
Citation 5

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

21.

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 141 (224,294)

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

22.

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 103 (283,098)
Citation 1

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syndicated loans, interbank linkages, systemic risk, moral hazard

23.

Deregulation, Market Structure, and the Demise of Old-School Banking

Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 54 Posted: 29 Oct 2019
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 85 (320,153)
Citation 1

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24.

More is Less: Publicizing Information and Market Feedback

Number of pages: 54 Posted: 05 Aug 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 38 (469,765)

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

25.

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

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