In examining the staggered recognition of the Inevitable Disclosure Doctrine (IDD) as an exogenous shock to trade secret protection, we demonstrate that firms display lower stock returns following the recognition in a difference-in-differences (DID) design. Cross-sectional regression results...

The impact of sentiment on asset prices varies during periods of low and high ambiguity and risk and across countries. Examining stock market returns across twenty-nine countries, we show that the predictability of sentiment is more pronounced when ambiguity is low in Australia, Canada, Czech...

Distinguished societal recognition can influence the behaviour of corporate decision-makers to act responsibly. We exploit this unique sociological attribute of board members of UK firms and examine the impact of the titles of honour on firms’ environment, social, and governance (ESG)...