This paper studies the operations and financial valuations of 13 cryptocurrency mining companies that are listed on the NASDAQ stock exchange and have facilities in North America. We find that miners using Texas wind power are offline more than other miners, in a more erratic pattern, while...

We study whether firms value court enforceability of their workers’ noncompete agreements (NCAs), leveraging a 2020 Washington law that made NCAs unenforceable for workers earning less than a threshold of $100k per year (indexed to inflation), covering approximately 79% of Washing-ton workers....

We investigate the role of managerial ability in the relationship between corporate social responsibility (CSR) and firm performance in the energy industry, where sustainability issues are of special interest. We first identify a positive association between CSR and firm value, which, however,...

We examine whether hedge fund activists correct inefficient R&D investment and create long-term value at their targets. Using an endogenous growth model to estimate the efficient level of R&D investment, we find firms targeted by activists are overinvesting in R&D on average, with both the...

This paper examines the association between greenhouse gas (GHG) emissions, firm value and foreign ownership for Korean firms. In Korea, firms that emit GHG more than a given threshold have been mandated to disclose the levels of GHG emissions since 2011. We find that firms bound to disclose GHG...

Manuscript Type: Empirical Research Question/Issue: We examine the relationship between corporate governance and firm value, and evaluate the relatively understudied governance practices in Venezuela. Research Findings/Results: We construct a corporate governance index (CGI) for publicly listed...

We investigate environmental, social, and governance (ESG) and firm value effects of more than 7,000 shareholder proposals submitted between 2006–2020. Using propensity score matching and a difference-in-differences setting, the results indicate that firms that receive an ESG- or...

This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...

Does protecting employment of older workers affect the value of a firm? We answer this question by exploiting a labor-market reform in 2012 in Japan, which mandated firms to continue employment of their existing regular workers, regardless of their abilities, beyond the statutory retirement age...