For any given level of risk, investors generally aspire to engage in as many profit making opportunities as possible. “Risk” is the fuel source that makes profits possible. Yet, like any fuel source, risk should come with a warning label. It can be used to warm one's house or to burn it...

We examine the drivers of increasing women's representation on boards in American firms. During 1998-2014, the proportion of firms with female directors on their boards almost doubled to approximately 78%, while the percentage of female directors increased almost five-fold to a share of 15%. Our...

An important question for firm management and markets is whether superior capabilities to mitigate the impact of adverse business scenarios leads to higher firm performance and valuation. We address this question by using a new broadly applicable methodology based on the insight that effective...