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This paper investigates the impact of changes in the banking sector on firms' timely recognition of economic losses. In particular, we focus on the entry of foreign banks into India during the 1990s, which likely causes an exogenous increase in lender demand for timely loss recognition. Analyzing variation in both the timing and the location of the new foreign banks' entries, we find that foreign bank entry is associated with more timely loss recognition and this increase is positively related to a firm's subsequent debt levels. The change appears driven by a shift in firms' incentives to supply additional information to lenders and lenders seem to value this information. The increase in timely loss recognition is also concentrated among firms more dependent on external financing: private firms, smaller firms, and nongroup firms. Overall, our evidence suggests that a firm's accounting choices respond to changes in the banking industry. AbstractThis paper investigates the impact of changes in the banking sector on firms' timely recognition of economic losses. In particular, we focus on the entry of foreign banks into India during the 1990s, which likely causes an exogenous increase in lender demand for timely loss recognition. Analyzing variation in both the timing and the location of the new foreign banks' entries, we find that foreign bank entry is associated with more timely loss recognition and this increase is positively related to a firm's subsequent debt levels. The change appears driven by a shift in firms' incentives to supply additional information to lenders and lenders seem to value this information. The increase in timely loss recognition is also concentrated among firms more dependent on external financing: private firms, smaller firms, and non-group firms. Overall, our evidence suggests that a firm's accounting choices respond to changes in the banking industry.

The formation behavior of intermetallic layers on die material immersed in aluminum molten metal was investigated by using dipping test facility. And the metallurgical parameters affecting on the kinetics of intermetallic formation were discussed as functions of additional elements such as Fe, Mn and Cr in order to propose a practical guideline for control of molten metal in manufacturing processes. It was found that the intermetallic layers consist of α-AlFeSi, β-AlFeSi and θ-AlFe. The kinetic of intermetallic formation was highly dependent on not only the gradient of iron content through the interface between die material and molten alloy but also the relative formation temperature of primary intermetallic phase.

PurposeThis paper presents the details, circumstances and issues relating to Korea's budgetary responses to COVID-19.Design/methodology/approachThe author analyzes the details and consequences of budget responses to COVID-19 of Korea.FindingsKorea has implemented two supplementary budgets, worth 50 tn KRW, which were approved by the National Parliament within an average of 13 days. This was an exceptionally quick approval by the Parliament. While these prompt actions help the government provide necessary measures to combat the pandemic, hasty decisions may have long-term consequences on fiscal soundness. Effective handling of COVID-19 in Korea increased the approval rating for the current administration.Originality/valueThis is consistent with the argument by Bartels (2013) who states that ordinary citizens assess politicians and policies primarily on the basis of visible evidence of success or failure. Because evaluations on government projects other than handling crisis is out of people's interests during pandemic, inefficient projects tend to be maintained. For future, it is desirable to have a fiscal rule beforehand to address a crisis.