with empirical evidence, the model shows that (a) value stocks are those with higher cash-flow risk; (b) the size of the … value premium is larger in %u201Cbad times,%u201D due to time variation in risk preferences; (c) the unconditional CAPM …

their responsible workers, and in turn engage in CSR through self-regulation, provided that regulatory oversight is poor … enough - and hence regulation is loose enough - to make self-regulation worthwhile. The key prediction of the model is a … gas emissions disclosure in all public firms. Consistent with our theory, we find that firms in the UK receive lower CSR …

We investigate whether individuals' experiences of macro-economic outcomes have long-term effects on their risk … lower willingness to take financial risk, are less likely to participate in the stock market, and, conditional on …

and Titman (1993). We test one such theory--based on the gradual-information-diffusion model of Hong and Stein (1997)--and …