Events leading to the passing of the Sarbanes-Oxley Act have led to increased concern with and scrutiny of potential management manipulation of financial statements. From an agency theory perspective, managers have incentives to manipulate organizational methods and choices in order to produce...

Recent literature examines currency value adjusted indexes. The extant research examines U.S. stock indexes as adjusted for the value of the U.S. dollar and the value of gold. The literature examines only U.S. stock indexes. This paper extends the existing literature by examining currency...

Risk management has traditionally encompassed the systematic identification, analysis, strategy and response to a myriad of factors that impact the sustainability of a business. Effective risk management strategies attempt to foresee and manipulate future outcomes by proactively, rather than...

Using data from 41 different countries including the United States, we provide novel empiricalevidence that firms increase their cash holdings as a response to climate risk. This effect is drivenby financially constrained firms and becomes significantly stronger after the release of the...

Extant research finds that firms are increasingly substituting dividends with share repurchases. This substitution effect is largely attributable to the flexibility offered by share repurchases but not by dividends. Without fear of an adverse market reaction, firms can choose not to repurchase...