The Dynamics of Borrower Reputation Following Financial Misreporting
研究发现，企业财务误报被揭露后，至少六年内其贷款利差高于匹配企业，且无下降趋势；即使企业采取多种修复行动，仍持续支付更高利差，表明误报导致长期且昂贵的声誉损失。
We study the dynamics of borrower reputation in bank loan markets following revelations of financial misreporting by the borrower. Misreporting firms pay greater loan spreads than matched firms for at least six years following revelation of the misreporting, and there is no evidence of a downward trend in the misreporting premium. Following revelation, misreporting firms are more likely to engage in various actions to potentially rebuild their reputations, but even firms that engage in multiple actions continue to pay greater loan spreads for at least six years. Our results suggest that misreporting causes long-lasting and costly reputation losses that firms find very difficult or prohibitively costly to restore. Data and the online appendix are available at https://doi.org/10.1287/mnsc.2017.2739 . This paper was accepted by Wei Jiang, finance.