We find return comovement in stocks that conduct a similar extent of corporate social responsibility (CSR) activities. The return comovement is stronger among firms with lower CSR scores than among firms with higher CSR scores. Consistent with the affordable fund view, high-growth companies may...

This study explores whether high-growth firms use accruals as a signal instead of a misleading device in seasoned equity offerings (SEOs). Using firms listed on the NYSE, AMEX, and NASDAQ from 1987 to 2010 as our sample and the subsequent 5 years of the sample firms to examine ex-post...

This paper examines whether the effect of overvaluation on accrual and investment is weak in a good information environment using the naive manager hypothesis and the monitoring hypothesis. The results show that CEOs recognize overvaluation and reduce their shareholdings regardless of the extent...

An extensive literature shows that R&D intensities and increases are positively related to firm performance, but little research examines the valuation of R&D reductions. This paper fills the void by studying long-term performance following R&D reductions. We find that, contrary to conventional...

There is an extensive literature showing that R&D intensities and increases are positively related to firm performance, but there is little research on the valuation of R&D reductions. This paper contributes to the literature by examining the long-term performance following significant R&D...