China’s coalmining fatalities were 140 times higher than the U.S. in the last decade. To shed light on this issue, we form and examinea unique panel dataset of 25,387 firm-year observations for China’s coalmining industry. We show that a firm’s leverage significantly determines its...

The divergence of opinion 'premium hypothesis', developed by Miller [Miller, E., 1977. Risk, uncertainty, and divergence of opinion. Journal of Finance 32, 1151-1168], predicts that the price of a stock is set by optimistic investors when belief asymmetry about its value is high. We examine...

In this paper we review the methods of measuring the economic gains of mergers and acquisitions (M&A). We show that the widely employed event study methodology, whether for short or long event windows, has failed to provide meaningful insight and usable lessons regarding the central question of...