Fall 2013

Bushman’s PhD Seminar Fall 2013

Topics in Accounting Research

The course this year is going to cover a range of topics. Rather than overloading the course with papers, I am going to leave space in each class for discussion and brainstorming. Come prepared.

Warning: A lot of dead links

Wednesday 10/23/2013: The role of the media in capital markets

Tetlock, P. C., M. Saar-Tsechansky, and S. Macskassy. 2008. More Than Words: Quantifying Language to Measure Firms’ Fundamentals. Journal of Finance 63:1437–67.

Bushman, Williams and Wittenberg-Moerman, 2013. The Informational Role of Media in Private Lending Markets. Working paper October 2013.

Related Literature

Tetlock, P. C. 2007. Giving Content to Investor Sentiment: The Role of Media in the Stock Market. Journal of Finance 62:1139–68.

Bushee, Brian J. and Core, John E. and Guay, Wayne R. and Hamm, Sophia J. W., 2010. The Role of the Business Press as an Information Intermediary. Journal of Accounting Research Vol. 48 No. 1. 1-19.

Santos, J. A. C., and A. Winton. 2008. Bank Loans, Bonds, and Information Monopolies Across the Business Cycle. Journal of Finance 63:1315–59.

Schenone, C., 2010. Lending relationships and information rents: Do banks exploit their information advantages? The Review of Financial Studies , v 23, 1149-1199.

Galina Hale and Joao Santos, 2009. Do banks price their informational monopoly? Journal of Financial Economics 93 (2009) 185–206

Tetlock, P. C. 2010. Does Public Financial News Resolve Asymmetric Information? Review of Financial Studies 23: 3520–557.

Li, Feng, 2011. Textual analysis of corporate disclosures: A survey of the literature, Journal of Accounting Literature (2011) vol. 29, 143-165.

Core, J.,W. Guay, and D. Larcker. 2010. “The Power of the Pen and Executive Compensation.” Journal of Financial Economics 88 (2008): 1–25.

Wednesday 10/30/2013 Crash Risk and Quantile Regression (slides)

Delayed Expected Loss Recognition and the Risk Profile of Banks. With Chris Williams. February 2013

Amy P. Hutton , Alan J. Marcus, Hassan Tehranian. Opaque financial reports, R2, and crash risk. Journal of Financial Economics 94 (2009) 67–86

Jin, L.,Myers,S.C.,2006. R2 around the world: new theory and new tests. Journal of Financial Economics 79,257–292.

Related Literature

Lars Hansen, 2013. Challenges in Identifying and Measuring Systemic Risk. Working paper University of Chicago and the NBER

Morck, R., Yeung, B., Yu, W., 2000. The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics 58, 215–260.

Adrian, T. and M. Brunnermeier, 2011. CoVaR, Fed Reserve Bank of New York Staff Reports.

Nicole M. Boyson, Christof W. Stahel, and Rene M. Stulz. Hedge Fund Contagion and Liquidity Shocks. The Journal of Finance , Vol. Lxv, No. 5, October 2010.

Bae, Karolyi and Stulz. A New Approach to Measuring Financial Contagion. The Review of Financial Studies Fall 2003 Vol. 16, No. 3, pp. 717-763

Wednesday, November 6, 2013. Competition, Computational Linguistics and Banking

Text-Based Network Industries and Endogenous Product Differentiation. Gerard Hoberg and Gordon Phillips, 2010, University of Maryland Working Paper.

Gerard Hoberg, Gordon Phillips and Nagpurnan and Prabhala, 2013. Product Market Threats, Payouts, and Financial Flexibility. Forthcoming Journal of Finance.

Perceived Bank Competition: Operational Decision-Making and Bank Stability, with Brad Hendricks and Christopher Williams, January 2013

Li, F., R. Lundholm, and M. Minnis, 2013. A Measure of Competition Based on 10-K Filings. Journal of Accounting Research.

Link to Feng Li Datasets