Showing results 1 - 10 of 10
| Suraj Srinivasan | Anywhere Sikochi
Going Local: The Effects of a Local Presence by Global Rating Agencies. Anywhere Sikochi, Suraj Srinivasan, February 6, 2020, Paper, "This paper examines whether and how corporate credit ratings change when global credit rating agencies establish a local presence in countries outside the United States. We show that a local presence is associated with higher credit ratings for local firms. Subsequent results reveal that the rating increase appears…
| Suraj Srinivasan
November 5, 2019, Paper, "Antitrust regulators play a critical role in protecting market competition. We examine whether the political process affects antitrust reviews of merger transactions. We find that acquirers and targets located in the political districts of powerful U.S. congressional members who serve on committees with antitrust regulatory oversight receive relatively favorable antitrust review outcomes. To establish causality, we use…
| Suraj Srinivasan
The Role of Gatekeepers in Capital Markets. Suraj Srinivasan, May 2019, Paper, "Gatekeepers in financial markets have the power to provide the institutional stability, fortitude and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives. This, along with the trade-offs they face and the at-times unintended consequences of the regulations…
| Suraj Srinivasan
Going Digital: Implications for Firm Value and Performance. Suraj Srinivasan, May 19, 2019, Paper, "We examine the firm value and performance implications of the growing trend of non-technology (non-tech) companies adopting digital technologies such as artificial intelligence, big data, cloud computing, machine learning. For the entire universe of US public listed firms, we identify companies that are going digital using textual analysis of…
| Suraj Srinivasan
The Changing Landscape of Auditor Liability. Suraj Srinivasan, October 2018, Paper, "We provide a comprehensive overview of shareholder litigation against auditors since the passage of the PSLRA. The number of lawsuits per year has declined, dismissals have increased, and settlements in recent years have declined. Our study asks why. Because we find that the likelihood an auditor is sued following a severe restatement has significantly declined…
| Suraj Srinivasan
The Changing Landscape of Auditor Liability. Suraj Srinivasan, March 1, 2018, Paper, "We document the declining role of Rule 10b-5 (a general catch-all antifraud provision) in securities class-action lawsuits against auditors since the passage of the PSLRA. The decline is perhaps most noticeable in dismissal rates, which increased monotonically over each three-year period from 1996 to 2013. Further, the likelihood that an auditor will be sued…
| Suraj Srinivasan
Can analysts assess fundamental risk and valuation uncertainty? An empirical analysis of scenario-based value estimates. Suraj Srinivasan, September 2016, Paper, "We use a data set of sell-side analysts' scenario-based equity valuation estimates to examine whether analysts can assess the state-contingent risk surrounding a firm's fundamental value. We find that the spread in analysts' scenario-based valuations captures the riskiness of…
| Suraj Srinivasan | George Serafeim | Paul M. Healy | Gwen Yu
Market competition, earnings management, and persistence in accounting profitability around the world, Paul Healy, George Serafeim, Suraj Srinivasan, Gwen Yu, January 14, 2014 , Paper. "We examine how cross-country differences in product, capital, and labor market competition, as well as earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting…
| Suraj Srinivasan | John C. Coates
SOX after Ten Years: A Multidisciplinary Review. Suraj Srinivasan, John C. Coates, October 21, 2013, Paper. "We review and assess research findings from 120+ papers in accounting, finance, and law to evaluate the impact of the Sarbanes-Oxley Act. We describe significant developments in how the Act was implemented and find that despite severe criticism, the Act and institutions it created have survived almost intact since enactment. We report…
| Francois Brochet | Suraj Srinivasan
Accountability of Independent Directors - Evidence From Firms Subject to Securities Litigation. Francois Brochet, Suraj Srinivasan, June 2013, Paper. "We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over the directors’…