This paper investigates the role of director networks in firms' decision-making. Using data on 25,621 unique directors who served on the boards of Samp;P 1,500 firms between the years 1996-2004, we map the entire network of directors and generate measures that account for each director's...

In recent years firms have greatly increased the amount of resources allocated to activities classified as Corporate Social Responsibility (CSR). While an increase in CSR expenditure may be consistent with firm value maximization if it is a response to changes in stakeholders' preferences, we...

This paper uses synthetically created variance swaps on VIX futures to quantify the variance risk premium in VIX options. The results of this methodology suggest that the average premium is -3.26%, meaning that the realized variance on VIX futures is on average less than the variance implied by...