We document evidence that the CEOs who lead the firms that face higher climate change risk (CCR) receive higher equity-based compensation. Our finding is consistent with the compensating-wedge-differential theory and survives numerous robustness and endogeneity tests. The result is more...

In this paper we document that although COVID-19 has brought uncertainties to the overall economy, the Technology (tech) sector is the systematic beneficiary of the pandemic. Using a quasi-natural setup, we find a significant notion that the Stock Price Crash Risk (SPCR) of firms within the Tech...

The utility of corporate social responsibility (CSR), particularly during crisis times, has been a puzzle in the literature while climate change issues increasingly threaten corporate sustainability. Using a large sample of US firm-year observations from 2002 to 2018, we explore whether CSR...

We document a strong negative relationship between policy uncertainty and corporate cash holdings for non-U.S. firms from 19 countries. Consistent with the twin agency problems framework of Stulz (2005), firms reduce their cash holdings by increasing their dividend payments to minimize the loss...

Utilizing a news-based index of geopolitical risk (GPR) and using over 62 years of data, we find that GPR has a long-lasting negative impact on leverage. This result is robust to different model specifications, different proxies for leverage, several robustness tests, and survive after...