We study how collateral requirements affect corporate policy decisions and present evidence that challenges the trade-off theory between risk management and investment policy due to collateral constraints. We compile a novel dataset on collateral and derivative transactions for all U.S. public...

Today, business corporations across the globe are moving beyond the short-term myopic goal of profit maximization to long-term sustainability goals involving environmental, social and corporate governance (ESG) goals. This is due to the growing realization that ESG factors constitute a...

This paper examines the association between LGBT-friendly corporate policies and firm performance. Using data on U.S. firms from 2003 to 2016, we document that LGBT friendliness is positively associated with firm performance. Specifically, we find strong evidence that more LGBT-friendly firms...

In this paper, we empirically test the impact of industry concentration on corporate investment. Using both traditional proxies and recently developed text-based measures of industry concentration, we show that firms operating in competitive industries invest significantly more in both physical...

This paper investigates the impact of CEOs' career experiences on corporate investment decisions. We hypothesize that CEOs with more diverse career experiences are less likely to be constrained by insufficient internal capital. The potential mechanism is that rich external experiences help CEOs...

The valuation of equity is a central topic in finance and accounting from many fronts. However, equity valuation is still subjective as different analysts obtain target prices that are not similar despite using the same publicly available information. Growth has a substantial influence on the...

Even now with the cutting edge businesses and specialized management, a large number of the firms are owned by families in Pakistan. Agency disagreements and issues exist between the management and the owners as well as the minority shareholders and the block holders. To handle these feuds,...

Through reliance on continuous disclosure, market efficiency and simple tools, I make an observation that the capital markets value exploration and development resource companies in a manner that could effectively attribute to them some hope for exploration success and minerals discovery, which...

This study aims to fulfill three main objective i.e. finding financial constraints using the model that suits Pakistani environment best, determining the impact of asset sales on investment for financially constrained firms and finally determining the impact of investment and asset sales on...

We study how supply risk, fixed supplier costs, financial constraints, and the dual role played by the suppliers as the providers of parts and the financiers of the manufacturer affect the relationship among firms in a supply chain, supplier selection, and supply chain performance. Using a...