This paper uses Glassdoor data and finds that the returns of similar employee satisfaction (SES) firms predict focal firm returns. A long-short portfolio sorted on the lagged returns of SES firms yields the Fama-French six-factor alpha of 135 bps per month. The observed predictability holds also...

This paper investigates the relationship between the firm’s distance to the provincial capital and pollution emission intensity, and further explores the potential mechanism behind it. Using the environmental data of 156 local steel firms in China from 1998 to 2013, we find a significant...