This paper investigates the role of global economic uncertainty in Dunning’s investment development path (IDP) framework. By applying the dynamic panel threshold model to data from 76 developed and developing countries, we find that countries’ net outward investment (NOI) follows a...

This paper investigates the impact of debt covenant protection on the cross section of equity returns with a firm-level covenant index and four sub-indices. We find that firms with weaker covenant protection (lower covenant index levels) earn significantly higher risk-adjusted equity returns...

This paper describes a new incentive-based pollution control program in China in which the environmental performance of firms is rated and reported to the public. Firms are rated from best to worst using five colors - green, blue, yellow, red, and black - and the ratings are disseminated to the...