Corporate Bond Trading on an Exchange
http://clsbluesky.law.columbia.edu/2017/08/17/corporate-bond-trading-on-an-exchange/ [clsbluesky.law.columbia.edu]
2017-08-17 21:43
Comparing liquidity in US vs Israeli markets.
source: ML
site: clsbluesky.law.columbia.edu
Weak Corporate Culture Creates Risk of Inaccurate Financial Reporting
http://clsbluesky.law.columbia.edu/2017/04/19/weak-corporate-culture-creates-risk-of-inaccurate-financial-reporting/ [clsbluesky.law.columbia.edu]
2017-04-22 14:27
We utilize novel data consisting of 1,112,476 employee ratings of 14,282 public firms in the period 2008-2015, obtained from the website Glassdoor, to examine the relationship between corporate culture as perceived by employees and financial misreporting.
source: ML
Does Readability of Financial Disclosures Affect the Bond Market?
http://clsbluesky.law.columbia.edu/2016/12/06/does-readability-of-financial-disclosures-affect-the-bond-market/ [clsbluesky.law.columbia.edu]
2016-12-06 20:28
Writing better SEC disclosures for fun and profit.
we find that if a company improved its readability from the 75th to 50th percentile in our sample, then it would save approximately $440,000 annually in interest for a bond with a face value of $430 million
Understanding Runs in the Shadow Banking System
http://clsbluesky.law.columbia.edu/2016/12/05/understanding-runs-in-the-shadow-banking-system/ [clsbluesky.law.columbia.edu]
2016-12-05 20:39
In a new paper, “Information Gaps and Shadow Banking,” forthcoming in the Virginia Law Review and available here, I offer a novel, complementary explanation for why short-term creditors run: information nobody possesses.