We suggest a pseudo economic openness that has a linear relationship with the real exchange rate volatility. The pseudo economic openness implies that the real exchange rate volatility is a concave function of pure economic openness. Therefore, the pseudo economic openness should be used to...

We examine the impact of corporate social responsibility (CSR) activities on loan spreads of syndicated bank loans, with a particular interest in how CSR and credit ratings are interrelated as a joint determinant of loan spreads. Focusing on private debt contracts, we show that both CSR...

This paper highlights the interactions of sales growth with diversification strategies and their joint effects on firm value. Employing firm-level data for 39 countries, we report that firms diversify mainly to cope with their poor sales growth and/or slow growth in their core industries....