We show a long-lasting association between a common societal phenomenon, early-life family disruption, and investment behavior. Fund managers who experienced the death or divorce of their parents during childhood take lower risk and are more likely to sell their holdings following riskincreasing...

This study documents a positive, economically meaningful impact of executives’ general managerial skills on shareholder value. Examining 171 sudden executive deaths over thirty years, we find that a one-standard-deviation increase in the general ability index corresponds to at least a 1.5...

We test the hypothesis that the marginal benefit of investment in investor relations (IR) is greater in countries where capital market institutions are generally less developed and tailored to a more concentrated ownership structure. We use a large panel of survey-based annual IR rankings of...

This paper provides primary evidence of whether certification via reputable underwriters is beneficial to investors in the corporate bond market. We focus on the high-yield bond market, in which certification of issuer quality is most valuable to investors owing to low liquidity and issuing...

This article examines for the still young European corporate high-yield bond market in what way bond-issue announcements affect the issuing companies’ share prices and which determinants can explain the share price responses observed. On the basis of all events identifiable for the period...

We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...

Using project-level data from the Carbon Disclosure Project, we demonstrate how firms actually reduce greenhouse gas emissions. Most firms mainly pursue projects with small investments (median $127,000) and short payback periods (maximum three years). Firms experiencing shortterm performance...