We study the impact on firm valuation of a novel exogenous shock to environmental, social, and governance (ESG) data that affects how firms’ corporate social responsibility (CSR) performance is measured. Our analysis reveals that firms that get their CSR ratings artificially boosted by a...

This paper analyzes the effects of disclosing corporate tax reports on both financial markets' performance and tax revenue. To this end, we characterize the optimal auditing policy of the tax enforcement agency and the optimal tax reporting strategy of a fi rm. The manager of the fi rm has the...