Lightnews — Scholar-powered news

Business Scholarship Podcast - Ep.265 – Aaron Zimbelman on Indirect Earnings Management |

December 1, 2025 at 3:27 PM

Reposted by Business Scholarship Podcast

Ben Waber

@bwaber.bsky.social

Next was an engaging conversation with Aaron Zimbelman on the psychological mechanisms behind indirect earnings management on the @busscholarship.bsky.social www.youtube.com/watch?v=u6j1... (5/9)

Business Scholarship Podcast - Ep.266 – Gregory Burke and Riley League on Crowdfunding Compliance |

November 25, 2025 at 2:44 AM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Crowdfunding disclosure rules aren't enforced. So why do some crowdfunded companies comply?

Greg Burke (Loy. Chicago) and Riley League (UIUC) join @busscholarship.bsky.social to discuss "Equity Crowdfunding 'Rules' Compliance with Mandated Ongoing Financial Reporting in an Unenforced Environment."

Aaron Zimbelman on Indirect Earnings Management

December 1, 2025 at 3:27 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/a...

Spotify: open.spotify.com/episode/0gXu...

Direct: andrewkjennings.com/2025/11/24/a...

YouTube: youtu.be/u6j1C9LgZlU?...

Podcast Episode · Business Scholarship Podcast · 11/24/2025 · 30m

Business Scholarship Podcast - Ep.265 – Aaron Zimbelman on Indirect Earnings Management |

November 24, 2025 at 2:27 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

How can managers use corporate hierarchy to influence accounting judgments?

Aaron Zimbelman (University of South Carolina School of Business) joins @busscholarship.bsky.social to discuss his article "Indirect Earnings Management." 1/2

Business Scholarship Podcast

November 24, 2025 at 2:27 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

A lot of podcast listenership is moving to YouTube these days. If you want to listen to interviews about new business scholarship between funny cat videos, subscribe to the @busscholarship.bsky.social YouTube channel!

Just click this link: www.youtube.com/@BusinessSch...

A podcast of interdisciplinary conversations on the broad world of business research. You can listen and subscribe to the podcast on all the major podcast apps, or listen to episodes on this YouTube c...

Patrick Corrigan on Bank Leaks

November 11, 2025 at 1:56 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/p...

Spotify: open.spotify.com/episode/2XuW...

YouTube: youtu.be/Nkm0z1cuDh4?...

Direct: andrewkjennings.com/2025/11/11/p...

Podcast Episode · Business Scholarship Podcast · 11/11/2025 · 29m

Business Scholarship Podcast - Ep.264 – Patrick Corrigan on Bank Leaks |

November 11, 2025 at 1:16 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Is bank supervisory informational meaningful to investors?

Patrick Corrigan (@notredamelaw.bsky.social) joins @busscholarship.bsky.social to discuss his paper "Is Confidential Supervisory Information Material to Investors? Evaluating the Conflict between Banking and Securities Law". 1/2

Narine Lalafaryan on Chameleon Capital

November 11, 2025 at 1:16 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/b...

Spotify: open.spotify.com/episode/1dP3...

YouTube: youtu.be/pPLOi7CZcgI?...

Direct: andrewkjennings.com/2025/10/31/n...

Podcast Episode · Business Scholarship Podcast · 10/31/2025 · 34m

Business Scholarship Podcast - Ep.263 – Narine Lalafaryan on Chameleon Capital |

November 6, 2025 at 1:06 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

What happens when the lines between debt and equity blur?

Narine Lalafaryan, assistant professor of corporate law at the University of Cambridge, joins @busscholarship.bsky.social to discuss her paper “Chameleon Capital.” 1/2

Maria Lucia Passador on Loyalty Voting

November 6, 2025 at 1:06 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/m...

Spotify: open.spotify.com/episode/2kJO...

YouTube: youtu.be/3jAfjqQOPSg?...

Direct: andrewkjennings.com/2025/10/27/m...

Podcast Episode · Business Scholarship Podcast · 10/27/2025 · 35m

Business Scholarship Podcast - Ep.262 – Maria Lucia Passador on Loyalty Voting |

October 27, 2025 at 12:51 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Does giving extra votes to loyal shareholders promote long-term value, or corporate entrenchment?

Maria Lucia Passador, assistant professor of law at Bocconi University, joins the Business Scholarship Podcast to discuss her trilogy of articles on tenure (i.e., loyalty) voting. 1/2

Darren Rosenblum on Corporate Governance and the Closet

October 27, 2025 at 12:51 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/d...

Spotify: open.spotify.com/episode/2cul...

YouTube: youtu.be/QATr9Wa9S-s?...

Direct: andrewkjennings.com/2025/10/17/r...

Podcast Episode · Business Scholarship Podcast · 10/17/2025 · 32m

Business Scholarship Podcast - Ep.261 – Darren Rosenblum on Corporate Governance and the Closet |

October 21, 2025 at 1:47 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

How does the closet affect corporate governance?

@darrenrosenblum.bsky.social (St. John's University School of Law) joins @busscholarship.bsky.social to discuss their article "Queers, Closets, and Corporate Governance." 1/2 www.youtube.com/watch?v=QATr...

Nathan Herrmann, Sara Toynbee and Matthew Kubic on Criminal Securities Cases

October 21, 2025 at 1:47 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/n...

Spotify: open.spotify.com/episode/7wja...

YouTube: www.youtube.com/watch?v=CUPA...

Direct: andrewkjennings.com/2025/09/22/n...

Podcast Episode · Business Scholarship Podcast · 09/22/2025 · 37m

Business Scholarship Podcast - Ep.260 – Nathan Herrmann, Sara Toynbee and Matthew Kubic on...

September 23, 2025 at 12:53 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Why do some securities cases move from civil to criminal enforcement?

Nathan Herrman, Sara Toynbee, and Matthew Kubic (all UT Austin McCombs School of Business) join @busscholarship.bsky.social to discuss their paper "Beyond Misconduct: What Explains DOJ Involvement in SEC Enforcement?." 1/2

Firm Value and Intracorporate Arbitration

September 23, 2025 at 12:53 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

This week the SEC will consider a policy statement supportive of arbitration bylaws for federal securities claims.

My article “Firm Value and Intracorporate Arbitration”—while not strictly about securities claims—offers a model for a value-enhancing corporate arbitral system. 1/2

Intracorporate arbitration provisions (IAPs) shift disputes over firms' internal affairs from public courts to private arbitration. These disputes affect the agency costs associated with governing a c...

scholarlycommons.law.emory.edu

September 15, 2025 at 1:57 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Thank you to the student editors for your work on this piece, and to my co-author for your wonderful collaboration!

Here's a link to the paper: scholarlycommons.law.emory.edu/faculty-arti...

Vice Capital

Academic and market interest in environmental, social, and governance (ESG) investing has grown markedly in recent years. Although less prominent, a substantial literature also explores whether “sin p...

scholarlycommons.law.emory.edu

September 15, 2025 at 2:27 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

How do venture capitalists respond to startups in the adult, alcohol, gambling, cannabis, weapons, and other sin industries?

My article "Vice Capital" (w/ @kimkrawiec.bsky.social) is now published in UC Irvine Law Review! scholarlycommons.law.emory.edu/faculty-arti... 1/2

Abstract
Academic and market interest in environmental, social, and governance (ESG) investing has grown markedly in recent years. Although less prominent, a substantial literature also explores whether “sin pays” in the public capital markets. This literature’s underlying theory is that social norms discourage the funding of businesses that promote vice. According to this theory, some investors—particularly institutions sensitive to social norms, such as pension funds and foundations—will shun vice investments. A consequence of this aversion is a “vice premium” for those investors who will invest in such companies. Largely unexplored, however, is what industries or business models qualify as “vice,” how this definition is constructed and changes, how vice aversion affects startup corporate governance and finance, and what consequences vice aversion holds for the real economy.

We address these gaps through a series of interviews with startup founders, venture-capital (VC) and angel investors, and legal and financial practitioners. Descriptive data from commercial VC databases supplement our interviews. We find that the definition of “vice” is nuanced and shifts over time as the subjective preferences of investors and their constituents adapt to changing regulatory environments and social mores. Our respondents report that vice startups face heightened regulatory and business-infrastructure hurdles compared to non-vice startups. This experience is especially true for women and other minoritized vice entrepreneurs and those serving minoritized customer bases. These challenges implicate entrepreneurship, society, and capital markets, including by complicating the concept of the vice premium in finance theory and by showing the potential for vice aversion to shape both the vice and non-vice sides of the real economy.

September 15, 2025 at 2:27 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/a...

Spotify: open.spotify.com/episode/5Ebh...

YouTube: www.youtube.com/watch?v=pRpk...

Direct: andrewkjennings.com/2025/09/09/a...

Anika Singh Lemar on Slum Managers

Podcast Episode · Business Scholarship Podcast · 09/09/2025 · 31m

Business Scholarship Podcast - Ep.259 – Anika Singh Lemar on Slum Managers |

September 10, 2025 at 12:59 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

Is regulating management practices the key to better housing quality?

Anika Singh Lemar, @yalelawschool-yls.bsky.social, joins @busscholarship.bsky.social to discuss her essay “Slum Managers.” 1/2

Kevin Keller on State Capitalism

September 10, 2025 at 12:59 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

How often do veil-piercing factors occur in everyday business? What might their prevalence mean for the "exceptionalness" of the PCV remedy?

My new paper, "Everyday Veil Piercing," provides the first prevalence estimates of piercing factors in U.S. small businesses. papers.ssrn.com/sol3/papers....

Everyday Veil Piercing
Under veil-piercing doctrine, shareholders may lose the privilege of limited liability by disregarding the legal separation between themselves and the companies they own. The doctrine cautions, however, that abrogating limited liability is an exceptional remedy that requires the presence of certain factors. Among them are fraud on creditors; inattention to formalities; asset commingling; and undercapitalization. Yet courts, practitioners, and scholars lack everyday base rates of these factors—unfortunate given that their prevalence estimates could aid calibration of and rethinking about how exceptional the remedy ought to be. I begin addressing these missing base rates by estimating that in U.S. small businesses, inchoate fraud on creditors occurs with at least 4.89% annual prevalence; inattention to formalities with 12.60%; commingling with 26.37%; and undercapitalization with 38.22%.

I use two pre-registered survey studies of small businesses to reach these estimates. In the first, I ask respondents directly whether their firms have engaged in a set of practices, some innocuous and others proxying veil-piercing factors. But because veil-piercing factors could be socially undesirable, this direct-survey method risks producing downwardly biased estimates. To mitigate that potential bias, the second study employs a list experiment, a survey method used to elicit truthful answers to sensitive questions. Although list experiments have long been deployed in adjacent fields, I provide the first known instance of their use in studying legal doctrine. In doing so, I demonstrate how legal scholars can use this method to plumb countless other doctrinal questions.

The Article’s estimates translate to veil-piercing factors appearing in millions of businesses at any given time. They complement earlier studies showing that courts rule in favor of veil-piercing claimants more often than exceptionalist rhetoric found in case law suggests. Together, the Art…

September 8, 2025 at 6:12 PM

Reposted by Business Scholarship Podcast

Andrew Jennings

@andrewkjennings.com

2/2

Apple Podcasts: podcasts.apple.com/us/podcast/k...

Spotify: open.spotify.com/episode/1zbx...

YouTube: www.youtube.com/watch?v=K_Di...

Direct: andrewkjennings.com/2025/08/14/k...

Podcast Episode · Business Scholarship Podcast · 08/14/2025 · 30m