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We introduce a simple definition of carbon-intensive firms to measure institutional investors' exposure to the emission intensities of portfolio companies. The definition is based on major emission industry sectors identified by the Intergovernmental Panel on Climate Change (IPCC). All firms in...
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different asset measurement methods aid investment decisions. Surprisingly, evidence of actual resource providers’ views on this … common measurement methods. Overall, we find a general inclination for more assets measured at market price or discounted … cash flows. However, we document considerable variation in measurement preferences based on the type of asset (e …
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Two recent papers document a significant relation between valuation multiples and governance indices during the 1990s. We test whether causation runs from governance to valuation or vice versa. We find that valuation multiples during the early 1980s, a period preceding the adoption of the...
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In this paper, I present a corporate governance index adjusted to firms with concentrated ownership. The index consists of 31 components that measure three dimensions of corporate governance quality at the firm level: board independence, board qualifications, and control-cash flow wedge. The...
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