This paper investigates the impact of banks’ social activities on their future stock price crash risk in an international setting. We propose two competing perspectives for the relationship. Signaling theory suggests that a high level of social engagement may signal high ethical standards of...

We build a game theoretical model to examine how the level of information advantage of insiders and the competition between insiders and sophisticated investors affect stock price movements and traders' trading strategies and profits. We show that the competition between insiders and...