We examine whether the difference in governance structures influences the risk taking and performance of Islamic banks compared to conventional banks. Using a sample of 52 Islamic banks and 104 conventional banks in 14 countries for the period from 2005 to 2013, we conclude that the governance...

We exploit emerging market sovereign CDS spreads to examine the reaction of sovereign credit risk to changes in country-specific and global financial factors. Utilizing a VAR model fitted with DCC GARCH, we find that comovements of spreads generally exhibit significant time-varying correlations,...

Using a large panel of US bank holding companies from 2001 to 2015, we investigate the association between functional diversification and bank earnings management. We document a positive relationship between bank earnings management and bank diversification. Our findings are consistent with the...

We consider consumer responsiveness to changes in the macroeconomic environment (i.e. product demand sensitivity) to be a systematic industry characteristic useful to studying how industrial diversification adds value. We argue that diversified firms, with the advantages of their internal...

Using a large sample of 50 oil exporting countries, we extend the prior literature by examining the role of quality of governance (QOG) on economic growth under the condition of heterogeneity and cross-sectional independence in errors. We document that QOG is by far the most consistent driver of...

Since the 1980s, industrial organizations have adopted practices such as Six Sigma to maintain and enhance competitiveness. It is expected that Six Sigma should work as a positive signal to convey quality expectations to both customers and investors. Financially speaking, Six-Sigma must be...

We exploit the staggered nature of interstate banking and branching deregulation of the U.S. to examine the causal impact of bank competition on corporate socially responsible (CSR) activities. We find strong and robust evidence that bank deregulation significantly and negatively affects the CSR...