This paper examines the effect of carbon risk on firm performance, exploiting the Australia ratification of Kyoto Protocol in December 2007 as an exogenous shock. The paper finds that polluters, firms in highest-emitting industries, experience a reduction in financial performance relative to...

We find that managers of firms with greater labor mobility (LM) face higher personal evaluation risk (i.e., higher likelihood of performance-driven forced turnover), especially among firms with more transparent performance disclosures. Moreover, managers of high-LM firms tend to adopt...

We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001-2008. We find evidence that the pension freeze tends to attenuate the drain on...