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

24

DOWNLOADS
Rank 4,511

SSRN RANKINGS

Top 4,511

in Total Papers Downloads

9,297

SSRN CITATIONS
Rank 13,984

SSRN RANKINGS

Top 13,984

in Total Papers Citations

29

CROSSREF CITATIONS

37

Scholarly Papers (24)

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 1,044 (21,136)

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 870 (27,639)
Citation 10

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 825 (29,746)
Citation 10

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governance, taxes, institutional ownership, regression discontinuity

4.

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 689 (38,044)
Citation 3

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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 665 (39,958)
Citation 1

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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 - Department of Accounting
Downloads 659 (40,372)
Citation 5

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

7.

Bias and the Efficacy of Stress Test Disclosures

Number of pages: 52 Posted: 03 Jul 2015 Last Revised: 05 Jul 2019
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 - Department of Accounting and Carnegie Mellon University - Tepper School of Business
Downloads 576 (48,311)
Citation 5

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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 520 (54,973)
Citation 6

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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 419 (71,728)
Citation 14

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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 378 (80,826)
Citation 2

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

11.

The Real Effects of Accounting Standards

Number of pages: 53 Posted: 12 Jan 2018 Last Revised: 25 Aug 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 313 (100,130)

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

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 304 (103,302)
Citation 3

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external governance, investment, internal capital markets

13.

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 283 (111,600)

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

14.

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 282 (112,000)
Citation 1

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

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 231 (137,508)
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 223 (142,253)
Citation 1

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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 213 (148,613)

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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 212 (149,298)

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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 201 (156,901)
Citation 3

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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 137 (218,491)

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

21.

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 112 (255,864)
Citation 3

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

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 96 (282,529)
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 45 (420,546)

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24.

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