We investigate institutional investor behavior and firm valuation surrounding extreme rainfall conditions in rain-sensitive firms. Using Indian monsoon data and exploiting extreme rainfall conditions as ongoing natural experiments, we show that institutional investors significantly increase...

We investigate the nexus between corporate social responsibility (CSR) and firms’ stock market liquidity. Using actual firm-level CSR expenditure data and a quasi-natural experiment setup of a mandated CSR regulation in India, we find that firms complying with the mandate and expending on CSR...

Mandatory regulations that obligate the firms to spend on CSR activities can influence the corporate strategies. In this paper, we look at how mandatory CSR expenditure laws impact corporate risk-taking. Using covenants of the resource-based allocation to balance the stakeholder-shareholder...

We study whether firms in the rain-sensitive sectors time their investments to generate value in response to extreme deviations in rainfall conditions. Using Indian monsoon data, we show that the market-based valuations of rain-sensitive firms significantly declines in the immediate aftermath of...

We examine whether the effect of increased creditor rights on corporate borrowing depends on firm's access to internal capital. By exploiting a creditor protection reform in India, empirical outcomes strongly indicate that strengthening of creditor rights leads to increased corporate borrowing...

We examine whether immigration-related fear sentiments (IFS), that escalates populist views, affects the flow of inbound cross-border acquisitions (CBAs). Consistent with the economic conjecture that IFS induced populist policies can create economic uncertainty and dead-weight costs for...