This paper examines whether CEOs react to personal experience with global warming. Using a difference-in-differences setting, we find that CEOs’ exposure to abnormally hot temperature leads to a decrease in corporate carbon emissions intensity. Our results shed light on the role played by...

This paper examines whether CEOs react to personal experience with global warming. Using a difference-in-differences setting, we find that CEOs’ exposure to abnormally hot temperature leads to a decrease in corporate carbon emissions intensity. Our results shed light on the role played by...

We study how differences in democracy influence cross-border mergers and share price reactions to cross-border deal announcements. Using a sample of 104,425 cross-border deals announced between 1985 and 2018, we find that merger flows involve acquirers from more democratic countries than their...

Using a sample of 101,834 cross-border deals announced between 1985 and 2018, we show that merger flows involve acquirers from more democratic countries than their targets. This result is primarily driven by a “pull” factor, that is, firms in countries with weaker democratic institutions...

This paper introduces a real-time, continuous measure of national sentiment that is language-free and thus comparable globally: the positivity of songs that individuals choose to listen to. This is a direct measure of mood that does not pre-specify certain mood-affecting events nor assume the...

We examine the relationship between national culture and a country’s Bitcoin usage. Given that Bitcoin is a high-risk currency/investment that is frequently used for illegal purposes and whose market is relatively opaque, we focus on the cultural dimension of individualism, which has been...