Earthquakes are a major source of destruction. They destroy roads, ports, power plants, fixed assets, disrupt supply chains. All this destruction/disruption should negatively affect the firm. Particularly it should destroy value (market capitalization) and cash flows.An alternative view is based...

•Natural disasters are major causes of uncertainty. Based on traditional international business and finance theories, we re-examine the relationship between risk and internationalization. We find evidence that diversification helps reduce risk.•We introduce natural disasters to mainstream...

Charity giving continues to be an important aspect of the economic and social fabric of the United States. The number and total assets of nonprofits registered with the Internal Revenue Service (IRS) under the section 501(c)(3) of the tax code have grown significantly over the past decade. Given...

The role of the non-profit has traditionally been thought to create social value, while for-profit organisations have been held responsible for economic value creation. However, we now see this dichotomy blurring and organisations marrying social interest and market mechanisms to create both...

We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality...

This study examines the determinants and implications of nonprofit cash holdings. Based on agency theory and traditional literature of cash holdings I develop and test a number of predictions about nonprofit cash holdings. Several important findings can be highlighted. Nonprofit cash holdings do...

This is the first study, to our best knowledge, that investigates the intraday volatility characteristics of the Santiago Stock Exchange. The Chilean Stock market has grown consistently over the last 40 years and is now the second largest equity market in South America behind that of Brazil....