In this paper, we investigate whether a firm’s Corporate Social Responsibility initiatives could affect its financial performance. We specifically investigate the firm’s capital allocation efficiency as a moderating channel affecting their performance. We employ a comprehensive sample of...

In this paper, we explore the relationship between a firm's environmental policies and their risk-adjusted stock returns, using a sample of stock exchange-listed Australian firms over the period of 2010-2018. We observed a positive and statistically significant relationship suggesting that a...

Many countries have adopted criminal sanctions as a way to deter insider trading. Although criminal sanctions represent a much greater penalty than civil sanctions, the enforceability of criminal sanctions is weaker given the higher burden of proof required. This trade-off between severity and...

This paper investigates the role of political crises in explaining the change in the degree of stock market integration for emerging markets over the period 1991-2006. Using a unique database, the International Crisis Behavior database, which contains detailed information about political crises...