Stephen A. Karolyi

Office of the Comptroller of the Currency

400 7th Street SW

Washington, DC 20219

United States

SCHOLARLY PAPERS

28

DOWNLOADS
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Top 4,570

in Total Papers Downloads

12,359

SSRN CITATIONS
Rank 10,341

SSRN RANKINGS

Top 10,341

in Total Papers Citations

72

CROSSREF CITATIONS

47

Scholarly Papers (28)

1.

Governance and Taxes: A Note on Methodology

Number of pages: 2 Posted: 27 Feb 2018
Andrew Bird and Stephen A. Karolyi
Chapman University - The George L. Argyros School of Business & Economics and Office of the Comptroller of the Currency
Downloads 1,100 (27,402)

Abstract:

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2.

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 1,013 (30,802)
Citation 17

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

3.

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
Chapman University - The George L. Argyros School of Business & Economics and Office of the Comptroller of the Currency
Downloads 958 (33,351)
Citation 22

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institutional ownership, disclosure policy, 8-K filings and characteristics, announcement returns

4.

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
Chapman University - The George L. Argyros School of Business & Economics and Office of the Comptroller of the Currency
Downloads 894 (36,691)
Citation 13

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governance, taxes, institutional ownership, regression discontinuity

5.

Earnings Announcement Return Extrapolation

Number of pages: 62 Posted: 22 Jan 2016 Last Revised: 04 Sep 2020
Aytekin Ertan, Stephen A. Karolyi, Peter Kelly and Robert C. Stoumbos
London Business School, Office of the Comptroller of the Currency, University of Notre Dame and Columbia University - Columbia Business School
Downloads 891 (36,904)
Citation 9

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return extrapolation, earnings announcements, expectation formation

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and University of Minnesota
Downloads 806 (42,368)
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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 724 (48,905)
Citation 10

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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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 604 (61,804)
Citation 10

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earnings management, managerial myopia, structural estimation, financial reporting

9.

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
Chapman University - The George L. Argyros School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 575 (65,812)
Citation 2

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

10.

Personal Lending Relationships

Number of pages: 78 Posted: 06 Sep 2014 Last Revised: 14 Jan 2017
Stephen A. Karolyi
Office of the Comptroller of the Currency
Downloads 468 (84,826)
Citation 24

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lending relationships, loan contracting, financial flexibility

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
Chapman University - The George L. Argyros School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 419 (96,545)
Citation 1

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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, Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 374 (109,936)
Citation 3

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external governance, investment, internal capital markets

13.

Lender Forbearance

Number of pages: 46 Posted: 30 Jun 2017
Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & Economics, London Business School, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 346 (119,798)
Citation 4

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

14.

More is Less: Publicizing Information and Market Feedback

Review of Finance, Forthcoming
Number of pages: 51 Posted: 05 Aug 2020 Last Revised: 23 Oct 2021
Andrew Bird, Stephen A. Karolyi, Thomas Ruchti and Phong Truong
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency, Carnegie Mellon University - Department of Accounting and Pennsylvania State University
Downloads 339 (122,669)
Citation 1

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

15.

Are Short Selling Restrictions Effective?

Number of pages: 70 Posted: 19 Mar 2019 Last Revised: 08 Sep 2020
Yashar H. Barardehi, Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & Economics, Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 317 (131,521)
Citation 4

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

16.

Regulating Information

Number of pages: 50 Posted: 19 Oct 2016 Last Revised: 11 Nov 2017
Andrew Bird, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 317 (131,521)
Citation 1

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

17.

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 Office of the Comptroller of the Currency
Downloads 315 (132,385)

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

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 270 (155,431)

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

19.

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting
Downloads 260 (161,429)

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

20.

Accounting Information Quality and CDS Term Structure

Number of pages: 43 Posted: 28 Jul 2016 Last Revised: 07 Feb 2022
Aytekin Ertan, Stephen A. Karolyi and Kalin S. Kolev
London Business School, Office of the Comptroller of the Currency and City University of New York (CUNY) - Stan Ross Department of Accountancy
Downloads 259 (162,071)
Citation 1

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accounting information quality, credit default swaps, term structure, meeting or beating analysts’ consensus, earnings management, ERC, the predictive ability of earnings

21.

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 Office of the Comptroller of the Currency
Downloads 249 (168,462)
Citation 6

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

22.

The Blessing and Curse of Deregulation

Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 79 Posted: 29 Oct 2019 Last Revised: 02 Nov 2020
Emilio Bisetti, Stephen A. Karolyi and Stefan Lewellen
Hong Kong University of Science and Technology (HKUST), Office of the Comptroller of the Currency and Pennsylvania State University - Department of Finance
Downloads 220 (189,530)
Citation 3

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23.

Fighting Failure: The Persistent Real Effects of Resolving Distressed Banks

Number of pages: 60 Posted: 09 Apr 2021 Last Revised: 22 Feb 2022
Ivan Ivanov and Stephen A. Karolyi
Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency
Downloads 211 (197,111)

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bank resolutions, the real economy, the bank lending channel

24.

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
Office of the Comptroller of the Currency and Villanova University - Department of Finance
Downloads 152 (261,818)

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

25.

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
Office of the Comptroller of the Currency
Downloads 122 (309,947)
Citation 1

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syndicated loans, interbank linkages, systemic risk, moral hazard

26.

Passing Through? Bank Entry and the Deposits Channel

Number of pages: 65 Posted: 14 Oct 2020 Last Revised: 24 Mar 2021
Emilio Bisetti, Stephen A. Karolyi and Stefan Lewellen
Hong Kong University of Science and Technology (HKUST), Office of the Comptroller of the Currency and Pennsylvania State University - Department of Finance
Downloads 117 (319,374)

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27.

Meeting Targets in Competitive Product Markets

Number of pages: 62 Posted: 06 Feb 2022
Emilio Bisetti and Stephen A. Karolyi
Hong Kong University of Science and Technology (HKUST) and Office of the Comptroller of the Currency
Downloads 39 (566,511)

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Targeting, Product Prices, Deposit Rates, Competitive Spillovers

28.

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
Chapman University - The George L. Argyros School of Business & Economics, Office of the Comptroller of the Currency and Carnegie Mellon University - Department of Accounting

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