Using a panel of Credit Default Swap (CDS) spreads and supply chain links, we observe that both favorable and unfavorable credit shocks propagate through supply chains in the CDS market. Particularly, the three-day cumulative abnormal CDS spread change (CASC) is 63 basis points for firms whose...

Do firms voluntarily disclosing emissions generate less greenhouse gas in their in-house and outsourced operations? We examine this using Scope 1 and 3 emission data reported by firms or estimated by S&P Trucost from 2002 to 2020. We use regression models to tease out the effect of voluntary...

Two innovative financing schemes have emerged in recent years to enable suppliers to obtain financing for production. The first, purchase order financing (POF), allows financial institutions to offer loans to suppliers by considering the value of purchase orders issued by reputable buyers. Under...