If old firms are on average much larger than young firms, does it mean that firms get better with age? Using Danish administrative data on firms aged 0-65, we study the relationship between size and age. In the cross-section, average size increases with age. However, exploiting the panel...

Using an extensive sample of environmental, social, and governance (ESG) ratings, we reexamine the corporate social responsibility (CSR) factor premium in the developed equity markets between 2007 and 2019 and show that its extent is contingent upon size effects. Consistent with the novel market...

This paper studies how a forward-looking decision maker experiments on unknown alternatives of correlated utilities. The utilities are modeled by a Brownian motion such that similar alternatives yield similar utilities. Experimentation trades off between the continuation value of exploration and...

With returns imposing a growing burden on retail supply chains, major e-commerce platforms are increasingly implementing size recommendations to curb returns. Based on a fit valence and fit reference framework, we test whether customers using the size finder are more likely or less likely to...

The COVID-19 pandemic has caused market turmoil and economic distress. To understand the effect of the pandemic on the U.S. financial systemic risk, we analyze the explanatory power of detailed COVID-19 data on three market-based systemic risk measures (SRMs): Conditional Value at Risk, Distress...