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CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business — has become a hotly debated topic in corporate governance. To better understand the implications of CEO activism, we examine its prevalence, the...
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into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs. We ask …:• What are the real costs and benefits of ESG? • How do companies signal to constituents that they take ESG activities … seriously? • How accurate are the ratings of third-party providers that rate companies on ESG factors?• Do boards understand the …
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We estimate classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements (and a set of criteria to identify especially serious accounting problems), we label each call as “truthful” or “deceptive”. Our models...
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This study investigates whether investors are willing to trade off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, over $23 billion green bonds have been issued to fund...
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