Using project-level data from the Carbon Disclosure Project, we demonstrate how firms actually reduce greenhouse gas emissions. Most firms mainly pursue projects with small investments (median $127,000) and short payback periods (maximum three years). Firms experiencing shortterm performance...

This paper exams the impact of high levels of bank debt, leverage, credit obtained from government banks and cash reserves in the long and short terms investments of firms in the main Latin American countries after this crisis. For this purpose, it is applied a difference-in-differences test in...

In establishing the foundation of their investment process, global equity investors typically adopt a framework along geographic and/or industry dimensions. The chosen framework is then applied to the whole investment process including alpha generation, portfolio construction, and risk...

We analyze the history of the equity risk premium from surveys of U.S. Chief Financial Officers (CFOs) conducted every quarter from June 2000 to March 2009. The risk premium is the expected 10-year S&P 500 return relative to a 10-year U.S. Treasury bond yield. The last two surveys were conducted...

This chapter revisits the relationship between the connection CEOs develop with other top executives through appointment decisions and firm performance where the 2008-2009 financial crisis acts as a negative exogenous shock to internal trust. Contrary to the conventional wisdom that less...

This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...

Investors' incentive to acquire private information—and the extent it is reflected in price—is a function of disclosure processing costs. Theory predicts that if these costs change, the amount the manager can learn from price will also vary. To provide evidence on this issue, we exploit the...

On September 3-4, 2009, SUERF and Utrecht University School of Economics jointly organized the 28th SUERF Colloquium on "The Quest for Stability" in Utrecht, the Netherlands. The papers contained in this SUERF Study jointly published with DNB and Rabobank are based on contributions to this...