In this paper, we investigate whether a firm’s Corporate Social Responsibility initiatives could affect its financial performance. We specifically investigate the firm’s capital allocation efficiency as a moderating channel affecting their performance. We employ a comprehensive sample of...

Does shareholder litigation pay off for investors over long horizons and how much does the type of allegation matter‘ We study whether a disciplining effect occurs for distressed firms and their managers and examine two different groups of allegations. Allegations of violations of duty of...

In this study, we link records of fir rm performance, forecasts of analysts, and the returns after earnings announcements to fi rm-specifi c measures of heat exposure for 4,400 fi rms in 57 countries from 1995 to 2017. We fi nd that increasing exposure to extremely high temperatures reduces...