This paper studies how people in certain country view their status relate to corporate investment decisions. Utilizing the data from the World Happiness Report published by the United Nations Sustainable Development Solutions Network, we find that country's overall happiness is positively...

We assess different effects of corruption on corporate activities depending on whether a firm operates in an advanced or emerging economy. In emerging economies, greater corruption is related to greater capital expenditures. In advanced economies, greater corruption is positively related to...

A hedge fund's capital structure is fragile because uninformed fund investors are highly loss sensitive and easily withdraw capital in response to bad news. Hedge fund managers, sharing common investors and interacting with each other through market price, sensitively react to other funds'...

This study comprehensively examines the economic and financial drivers of volatility changes in terms of a cross-country perspective. We exhaustively review a wide range of studies related to financial volatility forecasting and collect a diverse set of prediction variables. By analyzing them...

We apply the directed acyclic graph and spillover index models and find significant evidence of both implied volatility contagion and spillover. First, the global implied volatility smiles exhibit strong regional clustering. The European and American options markets form a separate contemporary...