I use textual analysis of 10-K forms to develop an estimate of the differences in corporate cultures of the combining firms, and find that greater cultural differences between the combining firms lead to higher synergistic gains in mergers. The effect of cultural differences on acquisition...

Capitalizing on a distinctive measure of corporate culture obtained from sophisticated machine learning, we investigate the concept of cultural diversification. A firm is culturally diversified if it is characterized by a variety of diverse cultural attributes. Motivated by agency theory, we...

Motivated by the public debate regarding corporate responsibility, we construct a memory-based model of decision-making to illustrate how corporate and political communication can impact policy preferences. We test the predictions of our model in a new large-scale survey of U.S. citizens on...

We examine the link between corporate culture and the company’s willingness to appoint women to the Boards of Directors. We proxy corporate culture by how companies communicate with investors in the 10-K filings. Our findings provide persistent evidence for a causal link between competitive...

We investigate the effect of shareholder litigation risk on corporate culture. We measure corporate culture by a novel machine learning metric following Li et al. (2021). Exploiting exogenous declines in shareholder litigation rights and derivative lawsuit risk following the staggered adoption...

In 2017, "The Big Three" institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by...

Exploiting a distinctive measure of corporate culture based on advanced machine learning, we investigate the effect of board gender diversity on corporate culture. Our results demonstrate that greater board gender diversity considerably strengthens positive corporate culture. The findings...

Recent research has documented that firms' social performances have huge impacts on mergers and acquisitions (M&A) outcomes. Using a large sample of U.S public firm data, I test several theories of whether and how the cultural differences measured by adjusted corporate social responsibility...

In diesem Bericht werden die Zwischenergebnisse der Begleitforschung 2012 bis 2013 zum Modellvorhaben LandZukunft des Bundesministeriums für Ernährung und Landwirtschaft (BMEL) vorgestellt. Das Modellvorhaben läuft von 2012 bis Ende 2014 in vier aus ursprünglich 17 Landkreisen ausgewählten...