Our study is among the first to examine the net asset value (NAV) inflation practices of fund managers in China, finding that equity funds bolster their portfolios at quarter-end and especially year-end. In support of the NAV inflation hypothesis in China, we further document the following: (1)...

This study empirically explores the dynamic relation between the environmental and social (ES) performance of a firm and its stock market returns. We find robust evidence that worse stock market performance increases firms' efforts on ES activities. We show these patterns are present in firms...

Insiders, including directors and managers, are instrumental in establishing corporate strategy and steering a firm’s direction. Our findings show a positive relation between insider horizon and a firm’s corporate social responsibility (CSR) performance. This positive relation is likely...