Using a large sample of firms from 45 countries, we find that firms in countries with high climate risk reduce their cash dividends but increasingly use share repurchases to make payouts. The evidence suggests that firms substitute dividends with repurchases to increase their payout flexibility...

We examine the effect of increased regulatory enforcement threat on the dividend policies of foreign firms listed in US stock exchanges. The staggered signing of the Multilateral Memorandum of Understanding (MMoU) by the US and foreign regulators facilitates cross-border regulatory cooperation...

In 2016 the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. Over 20% of listed firms in China have made significant contributions to the campaign. Using hand-collected data on listed firms’ contributions to the campaign and multivariate...

In 2016 the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. Over 20% of listed firms in China have made significant contributions to the campaign. Using hand-collected data on listed firms' contributions to the campaign and multivariate analyses,...

Using a large sample of firms from 43 markets, we find significant time-series variations in firms’ leverage ratios around the world. Industry median leverage ratios and aggregate leverage ratios also change substantially over time. Relative to actual leverage ratios, target leverage ratios...

Superstitions are typically seen as beliefs without scientific grounding. However, it can also be associated with people’s perception of risk and subsequent behavior. In this study, we provide evidence that CEO superstitious beliefs of bad luck – triggered by the CEO’s “zodiac year,”...