Insiders, including directors and managers, are instrumental in establishing corporate strategy and steering a firm’s direction. Our findings show a positive relation between insider horizon and a firm’s corporate social responsibility (CSR) performance. This positive relation is likely...

Equal-weighted (EW) portfolios have outperformed their value-weighted (VW) counterparts over multiple decades in various investment universes. This paper investigates the long-term evidence or the EW–VW return spread in a broad U.S. equity universe across multiple factor models....

Investors face similar macroeconomic risks and opportunities regardless of their individual investment preferences. To best navigate growth and inflation concerns, we propose building macro factor-mimicking portfolios diversified across asset classes and style factors. We focus on the macro...

This study empirically explores the dynamic relation between the environmental and social (ES) performance of a firm and its stock market returns. We find robust evidence that worse stock market performance increases firms' efforts on ES activities. We show these patterns are present in firms...

This paper studies the Continuous Workout Mortgage (CWM), a two in one product: a fixed rate home loan coupled with negative equity insurance, to advocate its viability in mitigating financial fragility. In order to tackle the many issues that CWMs embrace, we perform a range of tasks. We...

Payout flexibility from share repurchases enables firms to reduce dilution and funding cost of stock option grants. Using daily repurchase disclosures, we show that U.K. firms use this flexibility to implement (a) large repurchase payouts, (b) with increased frequency, and (c) with lower daily...