We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign)...

This study investigates the growing importance of sustainability in financial markets by estimating the extent of capitalisation of companies' commitment to sustainability on their market value. The spreading concern for social and environmental issues, and especially for the material risks of...

Annual stress tests have become a regular part of the supervisors' toolkit following the global financial crisis. We investigate their capital market implications in the United States by looking at price and trade reactions, information asymmetry and uncertainty indicators, and bank activities....