Recent research suggests managerial short-termism is associated with lower corporate sustainability, measured by environmental, social, and governance (ESG) ratings and sustainable institutional ownership. Using plant-level data on toxic releases from the United States Environmental Protection...

We study the under-researched real effects of tick-size adjustments induced by the SEC’s 2016 randomized tick-size pilot. We look through the lens of firms’ M&A activities and find that following the negative shock to firms’ stock liquidity, the most affected pilot firms experience a...

We examine the effect of corruption costs on corporate disclosure of major customers. Using a panel data set for Chinese listed firms over the period 2009-2017 and difference-in-differences estimations, we find that firms with more potential sales-related corruptions respond to the Chinese...