Given the global nature of environmental challenges facing humanity, the role of international environmental institutions driving global and national sustainability goals is paramount. Firms are primary agents that can contribute to sustainability goals by reducing greenhouse gas emissions and...

This paper examines how environmental costs affect the corporate financial performance (CFP) of manufacturing firms around the world. We maintain that by effectively investing in corporate environment responsibility (CER), executives can decrease their firms’ environmental costs, thereby...

We combine two approaches to the pricing kernel, one empirical and one theoretical, which relax the restriction that the objective return distribution and risk neutral distribution share the same volatility and higher order moments. The empirical approach provides estimates for the evolution of...