We investigate the empirical relationship between macroeconomic risk, bank liquidity, and bank risk surrounding the 1999 Financial Services Modernization Act. We propose that bank risk and liquidity are positively related as macroeconomic risk increases, and that this effect is particularly...

This work examines the long-term stock performance of asset purchases and its major determinants by evaluating cross-sectional differences. The findings show that buyers’ stocks, on average, underperform their benchmarks following purchases. The buy-and-hold abnormal returns of buyers...

This study investigates the relationship between managerial optimism, investment efficiency and firm valuation. This study follows the Campbell’s measurement for managerial optimism and investigates the influences of the different levels of managerial optimism on improving investment...

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...