Using the 2002 Sarbanes-Oxley reform as an exogenous disclosure shock, we find that high, relative to low, volatility firms opt for lower levels of information availability pre reform and experience increases in information availability, CEO turnover-to-performance sensitivity, myopic behavior,...

We present a model in which an insider (i.e., manager or CEO) and an informed outsider (i.e., analyst or professional) have heterogeneous beliefs on their shared information about a risky asset and analyze the insider's incentive to voluntarily disclose this information to the public. We find...

This paper examines the determinants and economic consequences of nonfinancial disclosure quality, which is measured according to the ratings of corporate social responsibility (CSR) disclosure provided by the Ministry of Economic Affairs in the Netherlands. We find that firms with better CSR...

As one of the forms of patent licensing, open licensing is an important mechanism to promote the transformation of patented technological achievements and knowledge diffusion. However, since China has introduced this system in 2021, the detail mechanism is still disputed. This paper compares the...

Organizations employ various risk-mitigation strategies to cope with the uncertainty in marketing new products. In the motion picture industry, an important strategy is to cast star actors and actresses in movies. The ultimate box office success, however, depends on multiple stakeholders...

Prior research shows that a good record of corporate social responsibility (CSR) has an insurance-like effect on shareholder value in negative events. We posit and provide empirical evidence that excessive CSR activities can also cause a boomerang effect during negative events. In the setting of...

Subduction of oceanic lithosphere is the primary driver for plate tectonics on Earth. However, lack of geological records hinders our understanding on how subduction zone initiates. Two general mechanisms are recognized: i) induced and ii) spontaneous nucleation of subduction zones. For both...

Due to the rapid progress in printed circuit board (PCB) industries, plenty of waste etchants, characterized by the high concentration of copper chloride and hydrochloric acid, are generated continuously, which has placed a heavy burden on the environment and metal resources. Herein, a succinct...