Criminals, Bankruptcy, and Cost of Debt
发布时间 2021-04-08 16:33:41 来源
摘要
The RAST conference held at Stanford, December 10-11, 2020 has a special focus on the role of financial reporting and disclosure and its impact on CSR (corporate social responsibility) and ESG (Environmental, Social, and Governance) policies and actions.
Criminals, Bankruptcy, and Cost of Debt
Presented by Morten Seitz, Copenhagen Business School with discussant Maria Correia, London School of Economics
Is a firm’s likelihood of bankruptcy associated with the criminal records of its CEOs and employees? And do lenders adjust their required cost of debt accordingly? Copenhagen Business School’s Professor Morten Seitz samples private firms and criminal registers, finding the likelihood of bankruptcy is positively associated with a CEO’s criminal record and the proportion of employees with criminal records. He discusses evidence that lenders price a firm’s loan higher when its CEO has a criminal record and when more of its employees have criminal records. The results suggest that firm employee characteristics represent a source of risk information that to some extent is priced by lenders.
The full program and additional information is available here: https://www.gsb.stanford.edu/events/review-accounting-studies-2020-conference
Watch Welcome and Introduction: https://youtu.be/SynFc5e_Pts
Watch Session 1 on Financial (Mis)conduct and Employee Mistreatment: Evidence from Wage Theft: https://youtu.be/8v4sia-MRf0
Watch Session 2 on Doing Good When Doing Well: Evidence on Real Earnings Management: https://youtu.be/S1G09ctti9E
Watch Session 3 on Strategic Reporting by Nonprofit Hospitals: An Examination of Bad Debt and Charity Care: https://youtu.be/xUkctohvGIE
Watch Session 4 on Voluntary Disclosure When Private Information and Proprietary Costs Are Jointly Determined: https://youtu.be/ih_ERV3gWUA
Watch Session 6 on Monitoring or Payroll Maximization? What Happens When Workers Enter the Boardroom?: https://youtu.be/IeRhmqRRs7k
Watch Session 7 on A New Take on Voice: The Influence of BlackRock’s “Dear CEO” Letters: https://youtu.be/WcVRytFUEpA
Watch Session 8 on The Impact of Carbon Disclosure Mandates on Emissions and Financial Operating Performance: https://youtu.be/oH23bdt44TU
Watch Current Statistics on RAST and Closing Remarks: https://youtu.be/cV6nPkqzcJI
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