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  • 27 Apr 2020
  • Working Paper Summaries

Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

Keywords: by Clarissa Hauptmann and Anywhere Sikochi
  • 21 Jul 2021
  • Research & Ideas

What Does an ESG Score Really Say About a Company?

Receiving more information can clarify the complex, but not when it comes to environmental, social, and governance (ESG) scores. A recent study shows that the more information a company discloses about its ESG practices, the more rating agencies disagree on how well... View Details
Keywords: by Kristen Senz
  • 23 Jan 2023
  • Research & Ideas

After High-Profile Failures, Can Investors Still Trust Credit Ratings?

answers the question, ‘Should we continue to rely on ratings, given all the times that ratings have been shown not to be correct?” Harvard Business School assistant professor Anywhere Sikochi View Details
Keywords: by Ben Rand
  • 03 Jul 2017
  • News

Coming Home: The Perpetual Itch To Make An Impact… And How To Scratch It

  • 21 Jul 2021
  • News

What Does an ESG Score Really Say About a Company?

  • 20 Nov 2018
  • First Look

New Research and Ideas, November 20, 2018

Muller III, and Anywhere (Siko) Sikochi Abstract—This study examines whether rating agencies assign more stringent and accurate rating... View Details
Keywords: Dina Gerdeman
  • 2021
  • Working Paper

International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies

By: Liran Eliner, Michael Machokoto and Anywhere Sikochi
Major U.S. credit rating agencies are criticized for failing to understand developments in other economies and thereby impeding capital access by assigning lower ratings. Consistent with this, we find that Moody's and S&P credit ratings are more favorable after the... View Details
Keywords: Credit Rating Agencies; Credit Ratings; Rating Adjustments; Rating Disagreement; Geographic Proximity; Soft Information; Credit; Geographic Location; Local Range
Related
  • July 2021
  • Article

Material Sustainability Information and Stock Price Informativeness

By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which... View Details
Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards
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  • October 2020
  • Article

Corporate Legal Structure and Bank Loan Spread

By: Anywhere (Siko) Sikochi
This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm into multiple, separately incorporated entities. This fragmentation is bound to be a factor when lenders determine the... View Details
Keywords: Corporate Legal Structure; Subsidiaries; Bank Loans; Minority Interest; Credit Risk; Organizational Structure; Business Subsidiaries; Financing and Loans
Related
  • 2020
  • Working Paper

Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

By: Clarissa Hauptmann, Syrena Shirley and Anywhere Sikochi
We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct... View Details
Keywords: Executive Gender; Default; Recovery Rates; Debt; Corporate Bonds; Conservatism; Leadership; Gender; Borrowing and Debt; Bonds; Risk Management
Related
  • Fall 2024
  • Article

The Credit Rating Agency Market in Africa: Landscape and Future Research Directions

By: Saveshen Pillay and Anywhere Sikochi
We explore the role of credit ratings in global markets and highlight potential opportunities for research on the African credit rating agency market. We trace the evolution of credit ratings and conduct a comprehensive literature review of existing studies globally... View Details
Keywords: Credit Rating; Credit Rating Agencies; Credit; Conflict of Interests; Governing Rules, Regulations, and Reforms; Financial Markets; Africa
Related
  • 20 Dec 2016
  • First Look

December 20, 2016

Non-Repatriation of Foreign Cash Negatively Affect U.S. Firms’ Operations? Evidence from Product Market Competitiveness By: Alhusaini, Badryah, Rick Laux, Henock Louis, and Anywhere View Details
Keywords: Carmen Nobel
  • 2024
  • Report

The Economic Benefits of a Public Sector Nano, Micro, Small and Medium Enterprise (nMSME) Grading Agency: Evidence from Nigeria

By: Saveshen Pillay, Zaakirah Ismail, Anywhere Sikochi and Charles Odii
This is a summary of our working paper exploring the possibility of creating a public sector small and medium enterprise (SME) grading system in Emerging Markets. Using research and insights from ongoing work with the Nigerian government, the first country in Africa to... View Details
Keywords: Credit; Public Sector; Emerging Markets; Small Business; Africa; Nigeria
Related
  • 2016
  • Working Paper

The Effect of Shareholder Litigation Risk on the Information Environment: The Case of Cross-Listed Firms

By: Anywhere Sikochi
I document the causal link between shareholder litigation risk and cross-listed firms’ information environment by exploiting a quasi-natural experiment in the form of a reduction in litigation risk resulting from the 2010 Supreme Court ruling in Morrison v. National... View Details
Keywords: Cross-listing; Information Environment; Shareholder Litigation Risk; D＆O Insurance; Risk and Uncertainty; Lawsuits and Litigation; Business and Shareholder Relations
Related
  • August 2024
  • Article

Not a One-Trick Pony: Price Impact of Rating Agency Information

By: Michael Machokoto and Anywhere Sikochi
Prior literature on the informational role of credit rating agencies has largely focused on announcements by the rating agencies regarding rating actions. We take a tangent in this paper and examine the relevance of rating agencies' other information disclosures beyond... View Details
Keywords: Credit; Investment Return; Financial Reporting
Related
  • August 2023
  • Article

Do Rating Agencies Behave Defensively for Higher Risk Issuers?

By: Samuel B. Bonsall IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III and Anywhere Sikochi
We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies' qualitative soft rating adjustments are more accurate as issuers' default risk grows, as evidenced by the adjustments leading to lower Type I... View Details
Keywords: Credit Rating Agencies; Soft Rating Adjustments; Default; Credit; Performance Evaluation; Measurement and Metrics; Financial Institutions; Risk Management
Related
  • March 2024
  • Article

The Asymmetric Mispricing Information in Analysts’ Target Prices

By: Jeremiah Green, John R. M. Hand and Anywhere Sikochi
We study the mispricing information present in the target prices of U.S. and international analysts. We hypothesize that asymmetry in the value-relevance of the information that managers supply to analysts, combined with asymmetry in the incentives facing analysts to... View Details
Keywords: Analysts; Target Prices; Mispricing; Cost Of Equity; Valuation; Price; Cost; Analysis; Theory
Related
  • 27 Nov 2023
  • Blog Post

Creating Emerging Markets Sustainability Series - Opportunities for Green Entrepreneurship in the Face of Policy Inaction

promise of climate finance — and how to fix it.” Nature, 20 October 2021. [2] Leon Usigbe. “Nigeria prioritizes climate action to mitigate natural disasters.” United Nations Africa Renewal, 6 September 2023. [3] Interview with Adenike... View Details