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ردیف | عنوان | نوع |
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1 |
تهدید ورود و استفاده از اختیار در گزارشگری مالی بانکها
Threat of entry and the use of discretion in banks’ financial reporting-2019 This paper studies managers’ use of accounting discretion to deter entry. Using state-level
changes in branching regulation under the Interstate Banking and Branching Efficiency Act, I find
geographically-constrained community banks increased their loan loss provisions to appear less
profitable when faced with the threat of entry by competitors. Additional tests rule out alternative
explanations that firm economics or regulators drove the increase. I complement my
analyses with survey-based evidence. Findings from the survey confirm that banks prefer to locate
in markets where incumbents have high profitability and low credit losses, and that banks
use competitors’ financial statements to analyze competition Keywords: Financial reporting | Product market competition | Entry deterrence | Banking | Regulator incentives | Loss provisioning |
مقاله انگلیسی |
2 |
Threat of entry and debt maturity: Evidence from airlines
تهدید ورود و سررسید بدهی: شواهدی از شرکتهای هواپیمایی-2018 I explore the effect of the threat posed by low-cost competitors on debt structure in the airline industry. I use the route network expansion of low-cost airlines to identify routes where the probability of future entry increases dramatically. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before entry occurs. Overall, the main findings suggest that airlines respond to entry threats trading off the benefits of short-term financing for lower rollover risk. The results are consistent with models in which firms set their optimal debt structure in the presence of costly rollover failure.
keywords: Competition |Debt maturity |Rollover risk |Threat of entry |
مقاله انگلیسی |