We analyze the empirical power and specification of test- statistics in event studies designed to detect long-run (one to five-year) abnormal stock returns. We consider (1) the calculation of long-run abnormal returns by comparing summed monthly abnormal returns (cumulative abnormal returns) to...

Fama and French (1992) document a significant relation between firm size, book-to-market ratios, and security returns for nonfinancial firms. Because of their initial interest in leverage as an explanatory variable for security returns, Fama and French exclude from their analysis financial...

Many recent studies have analyzed the impact that corporate events or managerial decisions have on operating performance. In these studies, researchers face many methodological choices. This paper analyzes the effect that three dimensions of choice have on the specification and power of...

The concept of corporate sustainability has gained importance in recent years in both organizational theory and practice. While there still exists a lack of clarity on what constitutes corporate sustainability and how to best achieve it, many scholars suggest that the pathway for the adoption of...

Growing scientific evidence suggests that human-induced climate change will bring about large-scale environmental changes such as sea-level rise and coastal flooding, extreme weather events and agricultural disruptions. The speed and extent of these changes and the expected impacts on social and...