Using a unique dataset of foreign and domestic IPOs listings in the US from 1990 to 2012, we study how foreignness affects IPO liquidity. We find that foreign IPOs enjoy higher liquidity than IPOs in their home countries, but do not fully gain the same liquidity benefits as for IPOs of domestic...

We investigate the role of currency exposure through multinational firms' operations as a source of mispricing in equity markets. Using information on firms' distribution of sales across geographic segments to construct firm-specific currency baskets, we find a strong correlation between firms'...

We examine the impact of government commitment to combating climate change on firm value in relation to a firm's climate risk exposure. We identify major recent regulatory events around climate change that are not fully predicted, including the surprise election of Donald Trump to President of...

Scenario analysis is a well-established management tool for developing and executing organizational strategy. While stress testing (a form of scenario analysis) has been used for policy-making and benchmarking in the banking sector, climate-related scenario analysis is a more recent development....

Proponents of International Financial Reporting Standards (IFRS) claimed that the adoption of IFRS would lead to more efficient capital allocation through greater cross-border investment. This study examines whether the adoption of IFRS is associated with an increase in the level of investment...

Tensions between national democratic accountability and transnational challenges undermine trust and collective action. Asymmetry between an integrated global economy, fragmented global community, and defective global polity, causes social turbulence. Facing technological disruption, we need a...