We evidence a non-linear relationship between firm value and corporate social responsibility, adding to the mixed evidence on this relationship. We show that corporate social responsibility exhibits a dynamic process, which is largely dependent on a firm's industry, relative standing amongst...

We show that conventional aggregation of corporate social responsibility (CSR) raw scores and its interpreted impact on firm value is less than reliable. Instead, the value impact of CSR activities relies heavily on the industry-specific relative position of the firm. Firms that distinguish...

This reports evidences a lead-lag relationship between securities which experience high levels of short-selling and those that do not. This is based on evidence that short-selling increases the speed with which information, especially negative information, is absorbed into prices. Previous...

We argue that a country's institutional setting can affect investor learning and thereby stock valuation and market stability. For a global sample of firms we find that the speed with which analyst forecast errors decline and the speed with which M/B valuation attains its equilibrium value with...

If investors perceive dividend changes as providing signals about specific firms' future prospects, it can be argued that the magnitude of stock price reactions to dividend change announcements will vary with the relative importance of the firms' specific information in their return dynamics. We...

We analyse interactions of simultaneous shifts in comprehensive balance sheet items annually and identify common (latent) factors, which are consistent across years. Five factors are interpreted to reflect five major decisions in businesses: Financial Flexibility, Short-term Credit, Long-term...

We find that Chinese public firms surrounded by a higher number of Buddhist and Taoist temples are associated with relatively lower expected default risk (EDF). In contrast to the widely documented impact of Western religiosity on corporate behaviors, our mechanism tests indicate that lower EDF...

This study attempts to asses firms' financial conditions to explain why they use myopic R&D cuts. Contrary to prior literature, this study shows that the current financial indicators of firms are also significant determinants of R&D myopic management along with stock market. Financial indicators...

We present direct global evidence of declining analyst forecast errors, return volatility, and M/B ratio with progression in a firm's age in the context of a learning model which focuses on the positive numerator effects of uncertainty about the firm's profitability. The convex relation between...

We provide a closer look at the trading dynamics which may give rise to the positive relationship between market trading volume and its lagged returns. Chinese market turnover increases sharply with past day returns. A comprehensive dataset which facilitates the tracing of trading activities...