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"2002-2009"
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The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?
We hypothesize that short selling has a disciplining role vis-à-vis firm managers that forces them to reduce earnings management. Using firm-level short-selling data for thirty-three countries collected over a sample period from 2002 to 2009, we document a significantly negative relationship between the threat of short selling and earnings management. Tests based on instrumental variable and exogenous regulatory experiments offer evidence of a causal link between short selling and earnings management. Our findings suggest that short selling functions as an external governance mechanism to discipline managers.
Journal Article
Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments
We hypothesize that individual investors treat trading as a fun and exciting gambling activity, implying substitution between this activity and alternative gambling opportunities. To examine this hypothesis, we study the lottery jackpots and the trading of individual investors in Taiwan. When the jackpots exceed 500 million Taiwan dollars, the trading volume decreases between 5.2% and 9.1% among stocks preferred by individual investors and between 6.8% and 8.6% among lottery-like stocks. The decline in individual buy volume is statistically indistinct from the decline in sell volume. Large jackpots are associated with less trading in options with high sensitivity to volatility.
Journal Article
The rise of Korean leadership : emerging powers and liberal international order
\"South Korea has emerged as a new middle power playing a significant role in a wide range of important global issue areas and supporting liberal international order with its leadership diplomacy. The growing role played by new powers like Korea calls into question the prevailing view that global governance is polarized with emerging powers challenging the liberal international order established by the United States and its European allies after World War II. As the case of Korea shows, large developing countries like the BRICS are not the only emerging powers active in global governance. Newly developed or high income developing countries like South Korea, Turkey and Mexico are also active emerging powers, taking new initiatives, setting agendas and mediating conflicts between rival groups on the global stage. Because these high income developing countries have advanced under and benefited from the liberal international order, they see a great stake in its stability and show a willingness to protect it. \"Liberal internationalist\" developing countries are joining the expanding list of middle powers who contribute to the maintenance of liberal international order as niche players and system supporters\"-- Provided by publisher.
Book
Financing Constraints and Workplace Safety
We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to financing constraints.
Journal Article
Debt Specialization
This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.
Journal Article