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I examine whether declines in banks' financial health affect their borrowers' disclosures. Prior studies indicate that, in relationship lending, banks and borrowers rely on private communication, rather than public disclosures, to resolve information asymmetries. When banking relationships are threatened, borrowers must turn to new funding sources, inducing them to reconsider their disclosure policies. This paper predicts that borrowers, whose banking relationships are threatened by declining bank health, change their public disclosures of forward-looking information. Using the emerging-market financial crises in the late 1990s as shocks to the health of certain U.S. banks, I find that affected banks' U.S. borrowers increase both the quantity and informativeness of their management forecasts following these shocks compared to borrowers of unaffected banks. The results are similar using conference calls or the length of the Management's Discussion and Analysis section as alternative proxies for voluntary disclosure. Overall, these results provide new insights into the impact of availability of relationship lending on firms' disclosure choices.

Bank lending standards vary over time. Periods in which firms find it relatively easy to borrow are followed by periods in which banks scrutinize borrowers more and tighten lending. We predict that changes in lending standards affect the accounting conservatism of bank-dependent firms. Using (i) a natural experiment that leads to certain banks tightening lending standards for plausibly exogenous reasons and (ii) time series variation in economy-wide bank lending standards, we find that borrowers increase their asymmetric timely loss recognition in response to the tightening of lending standards. Further, riskier borrowers, borrowers less likely to violate loan covenants, and borrowers whose banks tighten lending standards to a greater extent display larger increases in conservatism following the tightening of lending standards. These results suggest that borrowers internalize the costs and benefits of increasing conservatism. Finally, borrowers do not seem to decrease conservatism immediately after the lending standards are loosened. Overall, our results illuminate a commonly observed banking phenomenon that can influence firms’ incentives to recognize losses, suggesting that developments in the banking sector can shape the information produced by firms in the real sector. This paper was accepted by Suraj Srinivasan, accounting.

How to address managerial short-termism is an important issue for companies, regulators, and researchers. We examine the effect of CEO contractual protection, in the form of employment agreements and severance pay agreements, on managerial short-termism. We find that firms with CEO contractual protection are less likely to cut R&D expenditures to avoid earnings decreases and are less likely to engage in real earnings management. The effect of CEO contractual protection is both statistically and economically significant. We further find that this effect increases with the duration and monetary strength of CEO contractual protection. The cross-sectional analyses indicate that the effect is stronger for firms in more homogeneous industries and for firms with higher transient institutional ownership, as protection is particularly important for CEOs in these firms, and is stronger when there are weaker alternative monitoring mechanisms.

Prior research finds that the decline in the information content of earnings after restatement announcements is short-lived and the earnings response coefficient (ERC) bounces back after three quarters. We re-examine this issue using a more recent and comprehensive sample of restatements. We find that material restatement firms experience a significant decrease in the ERC over a prolonged period—close to three years after restatement announcements. In contrast, other restatement firms experience a decline in the ERC for only one quarter. We further find that among material restatement firms, those that are subject to more credibility concerns and those that do not take prompt actions to improve reporting credibility experience a longer drop in the ERC. Last, reconciling with prior research, we find that using a more powerful proxy for material restatements and imposing less restrictive sampling requirements help to increase the power of the tests to detect the long-run drop in the ERC.

This study examines the relationship between accounting credibility and firms' ability to fund their investments. Theory suggests that credible reporting resulting from external audits enables firms to attract external funds needed for their investments. The tests exploit monetary policy tightening that creates a liquidity shortage for banks, which, in turn, either requires banks to raise additional funds to restore liquidity or forces them to restrict their investments in the form of lending. Studying small non-public banks for which external audits are voluntary, I find that audited banks can better access funds during periods of monetary tightening than unaudited banks. As such, adverse liquidity shocks impede the lending of audited banks less. Overall, these findings present new evidence on how accounting credibility affects firms' ability to invest.

We examine whether opinions on firms subsequently revealed to have misstated earnings affect analysts' reputation with investors. We find that positive opinions by bullish analysts hurt their reputation, leading investors to react less to their research on non-misstatement firms after the misstatement revelation (i.e., negative spillovers). We also find that bearish analysts issuing more negative opinions gain reputation and experience positive spillovers. Finally, for analysts who dropped coverage of the misstatement firm before the misstatement revelation, we find no spillovers, which suggests that analysts experience limited reputational gains when they did not issue a public negative opinion.

Purpose Chemotherapy is the mainstay treatment for advanced non-small cell lung cancer (NSCLC). Gefitinib, an epidermal growth factor receptor—tyrosine kinase inhibitor (EGFR-TKI), has been recently shown to be effective as a first-line treatment in Asian patients with advanced NSCLC, especially for those with favourable clinical features such as female, non-smoker and adenocarcinoma. However, resistance to gefitinib ensues invariably and there is little evidence as for the effectiveness of subsequent salvage treatment. The purpose of this study is to evaluate the efficacy of erlotinib, another EGFR-TKI, after failed first-line use of gefitinib. Method Retrospective review of NSCLC patients with favourable clinical features who received gefitinib as first-line treatment and subsequent salvage treatment with erlotinib. Results A total of 21 patients with NSCLC were included in the study. Among them, 18 (85.7%) patients had disease control with gefitinib and 12 (57.1%) patients with salvage erlotinib. There was an association between the disease control with gefitinib and erlotinib (p = 0.031). The disease control rate of erlotinib was independent of the chemotherapy use between the two EGFR-TKIs. Conclusion For NSCLC patients with favourable clinical features, erlotinib was effective in those who had prior disease control with first-line gefitinib.

Objetivo Identificar y analizar cuantitativamente los determinantes sociales que influyen en la inclusión/ exclusión de la población adolescente en situación de discapacidad al deporte de alto rendimiento. Método Estudio descriptivo de orden transversal, en 19 deportistas entre los 12-19 años de edad con discapacidad física y sensorial y 17 funcionarios del Instituto Distrital de Recreación y Deporte. Con aplicación de encuestas tipo Likert para cuatro categorías de análisis: Determinantes de estructura social, socioeconómicos, de educación y de condición de vida. Resultados El sistema deportivo paralímpico nacional, presenta inequidades sociales, puesto que en un 74 %, los individuos son reconocidos como deportistassólo cuando ha obtenido resultados competitivos meritorios, sin que se les facilite previamente las condiciones para sobrepasar las barreras estructurales e intermediarias a través de la institución deportiva. Conclusiones La estructura social impuesta para el deporte paralímpico a nivel distrital estigmatiza al individuo en función a sus capacidades individuales, afectando su empoderamiento y su libertad, como producto de la discriminación a la que se expone el adolescente en situación de discapacidad en relación a los logros competitivos.

Objective Identifying and quantitatively analyzing social determinants affecting disabled teenagers' inclusion/exclusion in high-performance sports. Method This was a descriptive cross-sectional study involving 19 12- to 19-year-old athletes suffering physical and sensory disability and 17 staff from the District Institute of Recreation and Sport. Likert-type rating scales were used, based on four analysis categories, i.e. social structure, socio-economic, educational and living condition determinants. Results Social inequity pervades the national Paralympic sports' system. This is because 74 % of individuals only become recognized as sportspeople when they have obtained meritorious results in set competition without appropriate conditions having been previously provided by such Paralympic sports institution to enable them to overcome structural and intermediate barriers. Conclusions The social structure imposed on district-based Paralympic sport stigmatizes individuals regarding their individual abilities, affects their empowerment and freedom due to the discrimination experienced by disabled teenagers regarding their competitive achievements. Key Words: Adapted sporting conditions, disability, inclusion, exclusion, adolescent, social determinants of health (source: MeSH, NLM). Objetivo Identificar y analizar cuantitativamente los determinantes sociales que influyen en la inclusion/ exclusion de la poblacion adolescente en situacion de discapacidad al deporte de alto rendimiento. Metodo Estudio descriptivo de orden transversal, en 19 deportistas entre los 12-19 anos de edad con discapacidad fisica y sensorial y 17 funcionarios del Instituto Distrital de Recreacion y Deporte. Con aplicacion de encuestas tipo Likert para cuatro categorias de analisis: Determinantes de estructura social, socioeconomicos, de educacion y de condicion de vida. Resultados El sistema deportivo paralimpico nacional, presenta inequidades sociales, puesto que en un 74%, los individuos son reconocidos como deportistas solo cuando ha obtenido resultados competitivos meritorios, sin que se les facilite previamente las condiciones para sobrepasar las barreras estructurales e intermediarias a traves de la institucion deportiva. Conclusiones La estructura social impuesta para el deporte paralimpico a nivel distrital estigmatiza al individuo en funcion a sus capacidades individuales, afectando su empoderamiento y su libertad, como producto de la discriminacion a la que se expone el adolescente en situacion de discapacidad en relacion a los logros competitivos. Palabras Clave: Deporte adaptado, discapacidad, inclusion, exclusion, adolescentes, determinantes sociales para la salud (fuente: DeCS, BIREME).

Objetivo Identificar y analizar cuantitativamente los determinantes sociales que influyen en la inclusión/ exclusión de la población adolescente en situación de discapacidad al deporte de alto rendimiento. Método Estudio descriptivo de orden transversal, en 19 deportistas entre los 12-19 años de edad con discapacidad física y sensorial y 17 funcionarios del Instituto Distrital de Recreación y Deporte. Con aplicación de encuestas tipo Likert para cuatro categorías de análisis: Determinantes de estructura social, socioeconómicos, de educación y de condición de vida. Resultados El sistema deportivo paralímpico nacional, presenta inequidades sociales, puesto que en un 74%, los individuos son reconocidos como deportistas sólo cuando ha obtenido resultados competitivos meritorios, sin que se les facilite previamente las condiciones para sobrepasar las barreras estructurales e intermediarias a través de la institución deportiva. Conclusiones La estructura social impuesta para el deporte paralímpico a nivel distrital estigmatiza al individuo en función a sus capacidades individuales, afectando su empoderamiento y su libertad, como producto de la discriminación a la que se expone el adolescente en situación de discapacidad en relación a los logros competitivos.