What determines firms’ decisions to exit Russia because of the Ukraine invasion and do investors appreciate firms’ social image management? We test five potential firm motives, the reputation concern and social sanction channel, the altruism channel, the institution and law origin channel,...

We show that change in Grayscale Bitcoin Trust premium is the single most significant predictor of Bitcoin daily return. This sentiment measure is similar to the closed-end fund discount measure as in Baker and Wurgler (2006), but more likely to reflect the excess demand from traditional...

The traditional textual analysis relies on a pre-specific structure to generate sentiment analysis that leads to recommended portfolios. Generative AI, such as ChatGPT, relies on reasoning ability to generate portfolio recommendations that otherwise cannot be generated by traditional textual...

This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are in the US. Although the market is segmented from international equity...

Independent boards have been documented to have a positive effect on corporate governance, however, I show that independent boards improve shareholder value at the cost of sacrificing corporate social responsibility (CSR). Specifically, I find that stakeholders such as employees and consumers'...