Valeri V. Nikolaev

University of Chicago Booth School of Business

Associate Professor of Accounting

5807 South Woodlawn Avenue

Chicago, IL 60637

United States

http://faculty.chicagobooth.edu/valeri.nikolaev/index.html

  • University of Chicago Booth School of Business

SCHOLARLY PAPERS

33

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804

CROSSREF CITATIONS

350

Scholarly Papers (33)

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1.

Financial Statement Analysis with Large Language Models

Chicago Booth Research Paper, Fama-Miller Working Paper
Number of pages: 54 Posted: 21 May 2024
Alex Kim, Maximilian Muhn and Valeri V. Nikolaev
University of Chicago Booth School of Business, University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 58,149 (44)
Citation 2

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GPT4, neural network, asset pricing, earnings, direction of earnings changes, analysts, chain-of-thought, financial statement analysis, large language models

2.

Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?

Downloads 6,614 ( 2,204)
Citation 32

Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?

Review of Accounting Studies, Forthcoming
Number of pages: 50 Posted: 17 Sep 2008 Last Revised: 27 Feb 2013
Hans Bonde Christensen and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 6,025 (2,565)
Citation 6

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Fair Value, IFRS, Non-Financial Assets, Illiquid Assets

Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?

Chicago Booth Research Paper No. 13-10
Number of pages: 52 Posted: 13 Feb 2013 Last Revised: 07 Jun 2013
Hans Bonde Christensen and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 589 (88,669)
Citation 28

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fair value, IFRS, non-financial assets, illiquid assets

3.

Bloated Disclosures: Can ChatGPT Help Investors Process Information?

Chicago Booth Research Paper No. 23-07, University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-59, Fama-Miller Working Paper
Number of pages: 68 Posted: 21 Apr 2023 Last Revised: 28 Aug 2024
Alex Kim, Maximilian Muhn and Valeri V. Nikolaev
University of Chicago Booth School of Business, University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 6,339 (2,374)
Citation 8

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ChatGPT, GPT, LLM, generative AI, informativeness, information processing, conference calls, summarization, disclosure, information asymmetry, MD&A, bloat

4.

Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism

Downloads 6,132 ( 2,512)
Citation 83

Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism

Chicago Booth Research Paper No. 09-16
Number of pages: 36 Posted: 13 Jul 2007 Last Revised: 19 Feb 2013
Ray Ball, S.P. Kothari and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Chicago Booth School of Business
Downloads 5,547 (2,949)
Citation 44

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conditional conservatism, asymmetric timeliness, earnings

Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism

Journal of Accounting Research, Forthcoming, Chicago Booth Research Paper No. 13-65
Number of pages: 37 Posted: 02 Aug 2013
Ray Ball, S.P. Kothari and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Chicago Booth School of Business
Downloads 585 (89,430)
Citation 9

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Conditional conservatism, Timely loss recognition, Basu model, Returns-earnings regressions, Earning respnse coefficients, Market-to-book ratio

Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism

Journal of Accounting Research, Vol. 51, No. 5, 2013
Posted: 28 Nov 2013
Ray Ball, S.P. Kothari and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Chicago Booth School of Business

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conditional conservatism, asymmetric timeliness, earnings

5.

Identifying Accounting Quality

Chicago Booth Research Paper No. 14-28
Number of pages: 62 Posted: 23 Aug 2014 Last Revised: 15 Jan 2019
Valeri V. Nikolaev
University of Chicago Booth School of Business
Downloads 4,272 (4,686)
Citation 16

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Accounting quality, Earnings quality, Accruals, Identification, Estimation error

6.

Accruals, Cash Flows, and Operating Profitability in the Cross Section of Stock Returns

Journal of Financial Economics (JFE), Forthcoming, Fama-Miller Working Paper, Chicago Booth Research Paper No. 15-12
Number of pages: 47 Posted: 01 Apr 2015 Last Revised: 21 Sep 2015
Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Tuck School of Business at Dartmouth College, Dartmouth College - Tuck School of Business and University of Chicago Booth School of Business
Downloads 4,122 (4,988)
Citation 122

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Operating profitability, Accruals, Cash flows, Anomalies, Asset pricing

7.

Deflating Profitability

Journal of Financial Economics (JFE), Volume 117, Issue 2, pp. 225-248, Fama-Miller Working Paper, Chicago Booth Research Paper No. 14-10
Number of pages: 55 Posted: 27 Mar 2014 Last Revised: 12 Dec 2015
Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Tuck School of Business at Dartmouth College, Dartmouth College - Tuck School of Business and University of Chicago Booth School of Business
Downloads 2,880 (8,846)
Citation 78

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Gross profitability, operating profitability, asset pricing, deflators, earnings anomalies

8.

Earnings, Retained Earnings, and Book-to-Market in the Cross Section of Expected Returns

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 66 Posted: 01 Mar 2017 Last Revised: 20 Jan 2019
Ray Ball, Joseph Gerakos, Juhani T. Linnainmaa and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Tuck School of Business at Dartmouth College, Dartmouth College - Tuck School of Business and University of Chicago Booth School of Business
Downloads 2,402 (11,865)
Citation 38

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G11, G12, M41

9.

Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly

CentER Discussion Paper Series No. 2006-103
Number of pages: 64 Posted: 28 Dec 2005
S.P. Kothari, Elena Loutskina and Valeri V. Nikolaev
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Virginia - Darden School of Business and University of Chicago Booth School of Business
Downloads 2,401 (11,878)
Citation 45

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accrual anomaly; earnings management; agency theory of overvalued equity

10.

From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI

Chicago Booth Research Paper No. 23-19, Fama-Miller Working Paper, University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-132
Number of pages: 73 Posted: 07 Oct 2023
Alex Kim, Maximilian Muhn and Valeri V. Nikolaev
University of Chicago Booth School of Business, University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 2,292 (12,786)
Citation 4

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GPT, ChatGPT, large language models, generative AI, risk information, firm-level risk exposure, conference call, political risk, AI risk, climate change risk JEL Codes: C45

11.

On Estimating Conditional Conservatism

Forthcoming, The Accounting Review, Chicago Booth Research Paper No. 11-09
Number of pages: 56 Posted: 12 Feb 2011 Last Revised: 03 Dec 2012
Ray Ball, S.P. Kothari and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Chicago Booth School of Business
Downloads 1,992 (15,927)
Citation 46

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conditional conservatism, asymmetric timeliness, earnings

12.

Firm-level Political Risk and Credit Markets

Downloads 1,799 (18,763)
Citation 21

Firm-level Political Risk and Credit Markets

Journal of Accounting & Economics (JAE), Vol. 77, No. 1, 2024
Number of pages: 73 Posted: 12 Jun 2019 Last Revised: 06 Sep 2023
Mahmoud Gad, Valeri V. Nikolaev, Ahmed Tahoun and Laurence van Lent
Lancaster University - Lancaster University Management School, University of Chicago Booth School of Business, London Business School and Frankfurt School of Finance and Management
Downloads 1,455 (25,467)
Citation 3

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credit markets; political risk; financial institutions; earnings calls

Firm-Level Political Risk and Credit Markets

TRR 266 Accounting for Transparency Working Paper Series No. 87, Journal of Accounting & Economics (JAE), Vol. 77, No. 1, 2024
Number of pages: 70 Posted: 18 Jul 2022 Last Revised: 07 Sep 2023
Mahmoud Gad, Valeri V. Nikolaev, Ahmed Tahoun and Laurence van Lent
Lancaster University - Lancaster University Management School, University of Chicago Booth School of Business, London Business School and Frankfurt School of Finance and Management
Downloads 344 (167,640)
Citation 21

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credit markets, political risk, financial institutions, earnings calls

13.

Debt Covenants and Accounting Conservatism

Journal of Accounting Research, Vol. 48, No. 1
Number of pages: 41 Posted: 21 Jan 2008 Last Revised: 29 Aug 2010
Valeri V. Nikolaev
University of Chicago Booth School of Business
Downloads 1,569 (23,158)
Citation 19

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contracting demands, timely loss recognition, covenants, debt contracts

14.

Capital Versus Performance Covenants in Debt Contracts

Chicago Booth Research Paper No. 11-06
Number of pages: 57 Posted: 26 Jan 2011 Last Revised: 03 Jun 2014
Hans Bonde Christensen and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 1,477 (25,367)
Citation 19

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accounting-based covenants, private debt, financial contract design

15.

Context-Based Interpretation of Financial Information

Chicago Booth Research Paper No. 23-08
Number of pages: 54 Posted: 04 Jan 2023 Last Revised: 29 Apr 2024
Alex Kim and Valeri V. Nikolaev
University of Chicago Booth School of Business and University of Chicago Booth School of Business
Downloads 1,433 (26,493)
Citation 2

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Earnings, cash flows, LLMs, deep learning, narrative context, earnings persistence, MD&A, neural networks, heterogeneity.

16.

Contextualizing Profitability

Chicago Booth Research Paper No. 23-11, University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-76
Number of pages: 53 Posted: 25 May 2023 Last Revised: 02 Jun 2024
Alex Kim and Valeri V. Nikolaev
University of Chicago Booth School of Business and University of Chicago Booth School of Business
Downloads 1,292 (30,975)

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Contextual information, asset pricing, machine learning, neural networks, large language models, BERT, Transformer, operating profitability, factor models

17.

Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective

Downloads 1,035 (42,483)
Citation 37

Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective

Journal of Accounting Research, 54, 2016
Number of pages: 59 Posted: 13 Oct 2015 Last Revised: 10 Jun 2016
Hans Bonde Christensen, Valeri V. Nikolaev and Regina Wittenberg Moerman
University of Chicago - Booth School of Business, University of Chicago Booth School of Business and Northwestern University
Downloads 1,035 (41,839)
Citation 37

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Financial contracting, incomplete contracts, accounting-based covenants, control allocation, contracting on accounting information

Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective

Journal of Accounting Research, Vol. 54, No. 2, 2016
Posted: 15 Jul 2016
Hans Bonde Christensen, Regina Wittenberg Moerman and Valeri V. Nikolaev
University of Chicago - Booth School of Business, Northwestern University and University of Chicago Booth School of Business

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financial contracting, incomplete contracts, accounting-based covenants, control allocation, contracting on accounting information

18.

Accounting Measurement Intensity

Downloads 959 (47,294)
Citation 2

Accounting Measurement Intensity

Chicago Booth Research Paper No. 20-17
Number of pages: 81 Posted: 30 Jun 2020 Last Revised: 12 Dec 2020
Ionela Andreicovici, Laurence van Lent, Valeri V. Nikolaev and Ruishen Zhang
Frankfurt School of Finance & Management, Frankfurt School of Finance and Management, University of Chicago Booth School of Business and The University of Hong Kong
Downloads 683 (73,477)

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metering problem, accounting measurement, stewardship, theory of the firm, productivity, contracts

Accounting Measurement Intensity

TRR 266 Accounting for Transparency Working Paper Series No. 30
Number of pages: 53 Posted: 28 May 2021 Last Revised: 27 Aug 2023
Ionela Andreicovici, Laurence van Lent, Valeri V. Nikolaev and Ruishen Zhang
Frankfurt School of Finance & Management, Frankfurt School of Finance and Management, University of Chicago Booth School of Business and The University of Hong Kong
Downloads 276 (211,809)
Citation 2

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measurement, metering problem, theory of the firm, productivity, investment

19.

On Earnings and Cash Flows as Predictors of Future Cash Flows

Ball, Ray, Nikolaev, Valeri, V., 2021. Journal of Accounting & Economics (JAE), Forthcoming.
Number of pages: 66 Posted: 11 May 2021 Last Revised: 21 Jul 2021
Ray Ball and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 901 (51,547)
Citation 29

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Operating cash flow, free cash flow, cash flow forecasts, predictive ability, earnings, accruals, FASB, informativeness, cross-section, firm heterogeneity

20.

Expected Loan Loss Provisioning: An Empirical Model

Chicago Booth Research Paper No. 19-11
Number of pages: 63 Posted: 01 Mar 2019 Last Revised: 18 May 2021
Yao Lu and Valeri V. Nikolaev
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Chicago Booth School of Business
Downloads 896 (51,931)
Citation 16

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Expected long-term credit losses, CECL, prediction, aggregate credit losses, expected loss overhang

21.

FASB was Right: Earnings Beat Cash Flows when Predicting Future Cash Flows

Chicago Booth Research Paper No. 20-23
Number of pages: 66 Posted: 11 Sep 2020 Last Revised: 31 Dec 2020
Ray Ball and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 894 (52,092)
Citation 7

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Operating Cash Flow, forecasts, predictive ability, earnings, FASB, accruals, informativeness

22.

The Endogeneity Bias in the Relation between Cost-of-Debt Capital and Corporate Disclosure Policy

Downloads 806 (60,030)
Citation 16

The Endogeneity Bias in the Relation between Cost-of-Debt Capital and Corporate Disclosure Policy

CentER Discussion Paper No. 2005-67
Number of pages: 58 Posted: 02 Jun 2005
Valeri V. Nikolaev and Laurence van Lent
University of Chicago Booth School of Business and Frankfurt School of Finance and Management
Downloads 708 (70,116)
Citation 33

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Disclosure policy, cost-of-debt capital, endogeneity

The Endogeneity Bias in the Relation between Cost-of-Debt Capital and Corporate Disclosure Policy

European Accounting Review, No. 4, pp. 677-724, 2005
Number of pages: 57 Posted: 05 Aug 2005 Last Revised: 10 Jan 2012
Valeri V. Nikolaev and Laurence van Lent
University of Chicago Booth School of Business and Frankfurt School of Finance and Management
Downloads 98 (518,263)

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Disclosure policy, cost-of-debt capital, endogeneity

23.

Financial Shocks to Lenders and the Composition of Financial Covenants

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 57 Posted: 05 Dec 2017 Last Revised: 10 Jun 2021
Hans Bonde Christensen, Daniele Macciocchi, Arthur Morris and Valeri V. Nikolaev
University of Chicago - Booth School of Business, University of Miami Herbert Business School, Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Chicago Booth School of Business
Downloads 759 (65,042)
Citation 10

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accounting-based covenants, debt contracting, financial market frictions

24.

Contracting on GAAP Changes: Large Sample Evidence

Downloads 741 (67,101)

Contracting on GAAP Changes: Large Sample Evidence

Chicago Booth Research Paper No. 13-66
Number of pages: 41 Posted: 02 Aug 2013 Last Revised: 01 Mar 2017
Hans Bonde Christensen and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business
Downloads 741 (66,102)
Citation 13

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Standard setting, GAAP changes, debt contracting, incomplete contract theory

Contracting on GAAP Changes: Large Sample Evidence

Journal of Accounting Research, Vol. 55, No. 5, 2017
Posted: 12 Mar 2018
Hans Bonde Christensen and Valeri V. Nikolaev
University of Chicago - Booth School of Business and University of Chicago Booth School of Business

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standard setting; GAAP changes; debt contracting; incomplete contracts theory

25.

Scope for Renegotiation in Private Debt Contracts

Chicago Booth Research Paper No. 15-15
Number of pages: 64 Posted: 02 Mar 2012 Last Revised: 01 Nov 2016
Valeri V. Nikolaev
University of Chicago Booth School of Business
Downloads 719 (69,736)
Citation 50

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Debt contract renegotiation, contracting costs, monitoring, creditor control rights.

26.

Demand for Stocks and Accounting Information

Chicago Booth Research Paper No. 22-06
Number of pages: 52 Posted: 02 Feb 2022 Last Revised: 03 May 2023
Charles McClure and Valeri V. Nikolaev
University of Chicago Booth School of Business and University of Chicago Booth School of Business
Downloads 593 (88,989)

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Demand relevance, portfolio decisions, accruals, earnings, demand for stocks, investor heterogeneity

27.

Quality Transparency and Healthcare Competition

Number of pages: 85 Posted: 31 Jan 2022 Last Revised: 10 Jan 2024
John D. Kepler, Valeri V. Nikolaev, Nicholas Scott-Hearn and Christopher R. Stewart
Stanford Graduate School of Business, University of Chicago Booth School of Business, University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 548 (98,329)

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Healthcare, dialysis treatment, competition, transparency

28.

Disproportional Control Rights and the Bonding Role of Debt

Number of pages: 52 Posted: 04 Dec 2009
Aiyesha Dey, Xue Wang and Valeri V. Nikolaev
Harvard Business School, Ohio State University - Fisher College of Business and University of Chicago Booth School of Business
Downloads 345 (168,428)
Citation 2

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corporate governance, dual-class ownership, disproportional control, debt financing, capital structure, Tobin’s q

29.

Disproportional Control Rights and the Governance Role of Debt

Management Science, Forthcoming
Number of pages: 58 Posted: 29 Apr 2015
Aiyesha Dey, Valeri V. Nikolaev and Xue Wang
Harvard Business School, University of Chicago Booth School of Business and Ohio State University - Fisher College of Business
Downloads 243 (241,788)

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dual class; capital structure; relationship lending; debt covenants

30.

Disproportional Control and Insider Entrenchment: Evidence from Capital Structure Choices and Institutional Investment

Number of pages: 55 Posted: 02 Sep 2009
Aiyesha Dey, Valeri V. Nikolaev and Xue Wang
Harvard Business School, University of Chicago Booth School of Business and Ohio State University - Fisher College of Business
Downloads 183 (314,664)
Citation 1

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dual-class, voting control, board control, capital structure, institutional investment

31.

Outside Blockholders’ Monitoring of Management and Debt Financing: An Alternative Perspective.

Contemporary Accounting Research, Forthcoming
Number of pages: 15 Posted: 17 Jun 2015
Valeri V. Nikolaev
University of Chicago Booth School of Business
Downloads 144 (385,703)

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Large shareholders, monitoring structure, private debt, covenants, complementarities.

32.

The Impact of Climate Hazards on Banks’ Long-Run Performance

Number of pages: 56 Posted: 14 Sep 2023
Yao Lu and Valeri V. Nikolaev
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Chicago Booth School of Business
Downloads 135 (405,762)

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Climate risk, hurricane, bank performance, disaster aid, risk-taking

33.

Discussion of 'Borrower Private Information Covenants and Loan Contract Monitoring'

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 17 Posted: 18 Jul 2017
Valeri V. Nikolaev
University of Chicago Booth School of Business
Downloads 116 (455,627)
Citation 2

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Monitoring, disclosure, information covenants, reporting frequency, contracting on accounting information