Do investors quickly and rationally react to the content of oil-related news articles revealing supply and demand information? Our paper creates a novel keyword list of 130 oil-related words and modifiers that enable investors/researchers to measure the information content of oil stories. We...

We examine whether the level of integrity in a society, i.e., social integrity, affects stock price crash risk. We explore two competing hypotheses. On the one hand, exposure to high levels of integrity may reduce managers' incentives to obfuscate information, thereby leading to lower crash...

The Black’s leverage effect hypothesis postulates that a negative stock return innovation increases the financial leverage of a firm since the value of equity decreases at a given level of debt, which, in turn, creates a higher equity return volatility in the future. The paper is aimed at...