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

22

DOWNLOADS
Rank 4,900

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Top 4,900

in Total Papers Downloads

8,031

CITATIONS

2

Scholarly Papers (22)

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 920 (23,103)

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 819 (27,271)

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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 785 (28,920)

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governance, taxes, institutional ownership, regression discontinuity

4.

Individual Investor Overextrapolation

7th Miami Behavioral Finance Conference 2016
Number of pages: 54 Posted: 22 Jan 2016 Last Revised: 14 Sep 2017
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 591 (42,327)

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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 584 (43,125)

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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 510 (51,140)

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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 486 (54,294)

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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 423 (64,474)

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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 393 (70,397)
Citation 2

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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 329 (86,537)

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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 267 (108,540)

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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 262 (110,708)

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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 258 (112,536)

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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 247 (117,691)

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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 209 (138,613)

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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 198 (145,872)

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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 188 (153,102)

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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 182 (157,562)

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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 164 (173,650)

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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 131 (207,777)

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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 85 (280,710)

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syndicated loans, interbank linkages, systemic risk, moral hazard

22.

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

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