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 4,752

SSRN RANKINGS

Top 4,752

in Total Papers Downloads

8,445

CITATIONS

2

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 980 (21,773)

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 837 (27,372)

Abstract:

Loading...

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 798 (29,178)

Abstract:

Loading...

governance, taxes, institutional ownership, regression discontinuity

4.

Individual Investor Overextrapolation

7th Miami Behavioral Finance Conference 2016
Number of pages: 52 Posted: 22 Jan 2016 Last Revised: 23 Feb 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 623 (40,745)

Abstract:

Loading...

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 611 (41,804)

Abstract:

Loading...

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 563 (46,540)

Abstract:

Loading...

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

7.

Bank Regulator Bias and the Efficacy of Stress Test Disclosures

Number of pages: 48 Posted: 03 Jul 2015 Last Revised: 20 Oct 2015
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 514 (52,254)

Abstract:

Loading...

regulatory disclosure, bias, CCAR, ļ¬nancial institutions, stability, SCAP

8.

Understanding the 'Numbers Game'

Number of pages: 51 Posted: 18 Mar 2016 Last Revised: 02 Jul 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
Downloads 441 (63,406)

Abstract:

Loading...

earnings management, managerial myopia, regression discontinuity, 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 404 (70,302)
Citation 2

Abstract:

Loading...

lending relationships, loan contracting, financial flexibility

10.

Short-Termism Spillovers from the Financial Industry

Number of pages: 56 Posted: 26 Oct 2016 Last Revised: 08 Jul 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 345 (84,504)

Abstract:

Loading...

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

11.

External Governance and Internal Resource Allocation

Number of pages: 41 Posted: 27 Feb 2017 Last Revised: 12 Oct 2018
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 283 (104,941)

Abstract:

Loading...

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 271 (109,941)

Abstract:

Loading...

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

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 - David A. Tepper School of Business
Downloads 264 (112,968)

Abstract:

Loading...

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

14.

Does Financial Reporting Matter? Evidence from Accounting Standards

Number of pages: 48 Posted: 12 Jan 2018
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 261 (114,292)

Abstract:

Loading...

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

15.

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 213 (139,953)

Abstract:

Loading...

reporting benchmarks, accruals, information quality, credit default swaps

16.

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 207 (143,799)

Abstract:

Loading...

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

17.

Do Lenders Have Favorite Auditors?

Number of pages: 45 Posted: 30 Jun 2017 Last Revised: 16 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 195 (152,074)

Abstract:

Loading...

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

18.

The Burden of Being Public: Evidence from Local Labor Markets

Number of pages: 50 Posted: 08 Aug 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 187 (158,764)

Abstract:

Loading...

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 174 (168,477)

Abstract:

Loading...

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 134 (209,486)

Abstract:

Loading...

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 89 (279,674)

Abstract:

Loading...

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 51 (376,410)

Abstract:

Loading...

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

Abstract:

Loading...

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