Scientific findings suggest that sea level rise (SLR) is imposing a serious threat to the sustainability of coastal communities, but the evidence is mixed as to whether the market adequately prices the risk. In this paper, we leverage a novel source of identification—plausibly random...

Indebtedness is a concern in today’s society as people may need to sacrifice a significant portion of their income to tackle their debt. The current study aims at determining the effect of emotions, financial literacy, materialism, and risk perception on the propensity to indebtedness with the...

This study investigates the role of mature overseas investment inflows in improving corporate governance within emerging economies' capital markets. Using the "Shanghai-Hong Kong Stock Connect" program as an external policy shock, we examine its impact on the quality of accounting information in...

This paper develops an analytical framework to examine the mean-reversion behavior for implied volatility. We construct the analytical framework of implied volatility based on Heston (1993), examine the properties of the framework, and conduct various options trading strategies according to test...

Accurate data on crime rates is essential for evaluating many social programs. However, in the United States, officials often impute crime rates to compensatefor the 20--40% of agencies that do not report crime statistics. I show that all commonly used methods underestimate crime. First, I show...

This paper studies the role of media in explaining the heterogeneity in the rival response of acquisition targets. We find robust evidence that the rival response of acquisition targets is positively associated with rivals’ media coverage. Furthermore, we show that media coverage increases the...