Using the staggered changes in unemployment insurance (UI) benefits across states in the US as an exogenous shock to employees’ costs of unemployment and the hiring firm’s costs of disclosure, this study investigates whether and how a firm’s relationship with its employees impacts its...

The Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report (AR4) ( Intergovernmental Panel on Climate Change, 2007 ) of 2007 concluded that most of the warming of the climate is very likely driven by human activities that increase greenhouse gas (GHG) concentrations in the...

In an "activist risk arbitrage," a shareholder attempts to reshape an announced M&A through public campaigns, profi ting from improved terms. Activists target deals with low premiums, and those susceptible to managerial conflicts of interest, including going-private deals and deals upon which...

We provide empirical evidence on the adverse effects of supplier firms' environmental risk exposures on their relationships with principal customers. We document that supplier firms with high environmental risk are less likely to have principal customers. Moreover, from the principal customers'...