We examine the impact of social capital at the US county level on managerial risk-taking incentives. We hypothesize that corporate executives in counties with higher social capital would accept lower equity-based compensation then faithfully behave in terms of efforts and risks following the...

Exploiting two exogenous shocks, we examine the relation between CEO-Chairman duality and firm performance. We report evidence that CEO duality benefits a firm when economic policy uncertainty is high. This implies that CEO-Chairman duality is an advantageous governance mechanism for coping with...

This paper tests Leland's (2007) theoretical prediction that depending on specific merger conditions, corporate coinsurance can generate either synergistic gains accruing to both creditors and equityholders or a wealth transfer from stockholders to bondholders. We observe that in merger deals of...

We predict the change in equity value due to corporate coinsurance in mergers and test whether conglomerate mergers produce higher coinsurance gains to shareholders than horizontal mergers. Conglomerate mergers have higher bidder, target, and size-weighted average marginal tax rates than...

Two measures of fine particulate matter, PM2.5 exposure and PM2.5 exceedance are used to analyze convergence patterns of 212 and 108 countries during the period of 2000 to 2014. For PM2.5 exposure, sigma index diverges at the annual rate of 1.07%, while gamma index converges at -0.5% rate. For...

We find that classified board in the M&A target firm is positively related to the target shareholder value, but only for firms with both intensive R&D investment and strong external governance. We also find that firms with classified board exhibit superior quality innovation when they have both...

We propose a measure for the convexity of an option-implied volatility curve, IV convexity, as a forward-looking measure of excess tail-risk contribution to the perceived variance of underlying equity returns. Using equity options data for individual U.S.-listed stocks during 2000-2013, we find...

Utilization of CO2 as a carbon source for renewable energy has aroused increasing attentions worldwide, among which the one-pot strategy is especially promising to directly convert CO2 to target products. In the present work, heterogeneous catalysts for CO2 hydrogenation to methanol and dimethyl...

Purpose – With the acceleration of global integration and the deepening of the market economy, sustainable development is receiving unprecedented attention worldwide. Corporate environmental, social, and governance (ESG) performance is one of the most important ways of promoting sustainable...