We examine the economic benefits of paying dividends. We find that dividend payments mitigate stock price crash risk … (overinvestment) is positively associated with stock price crash risk, suggesting that curbing bad news hoarding and curtailing … overinvestment are two channels through which dividends mitigate crash risk. Finally, our main results are robust to a battery of …

, and investment measures. We also document similar effects for aggregate equity issuance. Consistent with theory, we find …

This study extends the Grullon, Michaely and Swaminathan (2002) analysis by incorporating default risk. Using data for … default risk. This reduction is shown to be a priced risk factor beyond the Fama and French (1993) risk measures, and that it … analysis reveals that the reduction in default risk is a significant factor in explaining the three-year excess returns …

on cost of equity capital, idiosyncratic risk, stock price crash risk, turnover rate by using annual panel data. The main … results are as follows. Implementing shareholder perks reduces cost of capital, volatility, and idiosyncratic risk, while … implementation of perks results in increase in individual stock price crash risk. The results mean that an increase in small …

asset prices reflect both covariance risk and misperceptions of firmsapos prospects, and in which arbitrageurs trade against … mispricing. In equilibrium, expected returns are linearly related to both risk and mispricing measures (e.g., fundamental …. The theory offers untested empirical implications about volume, volatility, fundamental/price ratios, and mean returns …

learn about firms' systematic risk when firms announce share repurchases …

impact that dominant stockholder's share pledging has on both systematic right-tail risk and left-tail risk. Furthermore, we … by share pledges, will reduce the systematic right-tail risk. Second, the controlling shareholder who pledges their own … holdings will bring down the systematic left-tail risk through the earnings management channel. Additionally, we conduct …

The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission … financial performances, especially of listed companies. There are two ways these companies can disclose their transition risk … exposure and are not alternatives. One is the explicit declaration of exposure to transition risk in the legally binding …

The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission … financial performances, especially of listed companies. There are two ways these companies can disclose their transition risk … exposure and are not alternatives. One is the explicit declaration of exposure to transition risk in the legally binding …