risk. I find that banks with higher CSR scores are less risky. This is driven by their external CSR investments and not by …, lower valuations, and greater risk than banks with a more balanced distribution between internal and external CSR … likely to contribute to systemic macroeconomic risk. …

for stock corporations. Recent empirical evidence, moreover, suggests that bank shareholders pushed for greater risk … increase risk-taking and indicates that the recent legal and regulatory changes fail to remove all weaknesses of the German …

. These excess returns are not jeopardized by poor post-adoption returns. In the analysis, we carefully control for risk and …