Economic Consequences of SEC Regulation for Iran-related Disclosure, M.Sc. Thesis Sharif University of Technology ; Fatemi Ardestani, Farshad (Supervisor) ; Rastad, Mahdi (Supervisor)
Abstract
We examine the economic implications of the SEC disclosure rules for companies doing business with Iran on their riskiness of debt. We exploit Section 219 of the Iran Threat Reduction and Syria Human Rights Act (ITRA), which requires companies listed on U.S exchanges to disclose their activities and transactions with Iranian institutions. We analyze the impact of the first ITRA disclosure on the cost of capital for both American and foreign companies listed on the US exchanges. Using a difference-in-difference approach, we document a negative impact of ITRA disclosures on loan spread and credit rating of foreign companies. Further, using textual analysis, we identify the elements in the...
Cataloging briefEconomic Consequences of SEC Regulation for Iran-related Disclosure, M.Sc. Thesis Sharif University of Technology ; Fatemi Ardestani, Farshad (Supervisor) ; Rastad, Mahdi (Supervisor)
Abstract
We examine the economic implications of the SEC disclosure rules for companies doing business with Iran on their riskiness of debt. We exploit Section 219 of the Iran Threat Reduction and Syria Human Rights Act (ITRA), which requires companies listed on U.S exchanges to disclose their activities and transactions with Iranian institutions. We analyze the impact of the first ITRA disclosure on the cost of capital for both American and foreign companies listed on the US exchanges. Using a difference-in-difference approach, we document a negative impact of ITRA disclosures on loan spread and credit rating of foreign companies. Further, using textual analysis, we identify the elements in the...
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