Employees are an important firm resource and a source of intellectual capital; hence, they drive firm performance. Employee expenses capture information about employees and are one of the largest earnings components. We analyze whether this earnings component contributes incremental information...

We introduce the decomposition of carbon emissions into an expected and an unexpected component and analyze the association between these components and firm value. The expected component captures a firm's average carbon emissions inherent to its business model and operating environment. The...

We analyse whether increased risk reporting by European energy utilities is positively or negatively related to firm value. Using an unsupervised machine learning topic model ‘Latent Dirichlet Allocation’, we classify the content of the risk reports presented in the notes to the financial...