This study examines the joint effect of carbon disclosure and greenhouse gas (GHG) emission on firms implied cost of equity capital (COC). Based on 4,655 firm-year observations across 34 countries, we find firms' GHG emission intensity to be positively associated with COC. However, we find also...

This study examines the impact of carbon disclosure and greenhouse gas (GHG) emission intensity on the implied cost of equity capital based on a global sample. Our sample consists of 6,214 firm-year observations across 34 countries over the period of 2009-2015. We find firms' carbon disclosure...

We examine the impact of mandatory ESG disclosure around the world on the cost of equity capital. Using a sample of firms in 62 countries and a difference-in-difference setting, we document that, on average, the ESG disclosure mandate significantly reduces the cost of equity for mandatory...

This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage. Adjustments appear to be asymmetric among firms with large increases and those with large decreases in debt ratios. The different adjustments are not due to differences in...