Our research uses the environmental pillar of ESG as a proxy for environmental corporate social responsibility. We examine the performance of environmentally clustered portfolios, by using simple quantitative investment strategies with optimum asset rotation. A post-hoc, sample-split analysis...

We develop and empirically test a trade-off model for the analysis of leverage changes in mergers and acquisitions. This study extends prior findings of a post-merger increase in leverage for the acquiring firm by linking this leverage increase to merging firms that are less correlated, create...

In this paper we study the morphogenesis of an institution when local social interactions are taken into account. The structure we obtain has characteristics of self-organized criticality. After a transient period the system self-organizes into a configuration which is compatible with a high...