We examine the causal effects of uncertainty on corporate innovation by exploiting terrorism events. During the five-year window after terrorist attacks, firms near the strikes experience meaningful declines in R&D spending, patenting, citations, patent originality, and innovation value. These...

In this paper we assess i) the motivation behind managers' decision to engage in serial acquisitions and ii) whether the quality of an acquisition deal can predict the quality of subsequent deals of the series. We test four potential explanations for serial acquisitions: managerial...

We examine the relation between divergence of opinion about the value of the acquiring firm in the pre-acquisition announcement period and post-acquisition stock returns. We find that acquirers subject to high opinion dispersion earn lower future returns than acquirers subject to low dispersion....

We examine whether acquisitions by overconfident managers generate superior abnormal returns and whether managerial overconfidence stems from self-attribution. Self-attribution bias suggests that overconfidence plays a greater role in higher order acquisition deals predicting lower wealth...

We examine the effect of CEO personal reputational capital on financial misconduct. We find that home CEOs (defined as those who manage firms located within 100 miles of their birthplaces) are associated with significantly less financial misconduct than firms with non-home CEOs. The effect is...

We examine how CEO birthplace identity affects firm corporate social responsibility (CSR)activities. CEOs heading firms located in their home birth counties are associated with higherlevels of CSR. The relation is more pronounced for CEOs with deeper home connections.Importantly, CSR activities...

We examine the impact of CEOs’ ethnic cultural identity (ECI) on cross-border acquisitions. Regardless of the immigration time of CEOs’ ancestors to the US, acquirers are more likely to bid for a target in their CEOs’ ancestry country of origin. The CEO ECI does not significantly affect...

We examine shareholders' wealth effects (both in the short- and the long-run) of UK frequent bidders acquiring public, private, and/or subsidiary targets with alternative methods of payment between 1987 and 2004. We find that, in the short-run, bidders break even when acquiring public targets...