Purpose - This paper concentrates on environmental, social and corporate governance (ESG) performance in total and divided in each component and their impact on financial performance. Design/methodology/approach - The study covers a sample selection of companies listed on the German Prime...

Extensive debate exists among policy makers and economists about the employment of highly skilled immigrants in the U.S. It remains unclear whether these immigrants perform complementary tasks in addition to their substitutive role relative to native graduates. Empirical studies examining these...

Using aggregate data from national accounts, we study whether strengthening and harmonizing securities regulation across the European Union increases household equity ownership. We find a significant increase in the proportion of liquid assets invested in equity, both when a household's own...

I study the driving forces behind dividend smoothing by developing a dynamic agency model in which dividends signal the firms' earnings persistence. In equilibrium, managers treat dividends and earnings as informational substitutes, and they smooth dividends relative to earnings to smooth...