After the financial crisis in 2008, the negative abnormal stock price returns on the downgrade announcements with respect to the firms that eventually filed for Chapter 11 are no longer significant. Because the negative CARs for the firms that were within the same rating categories but did not...

In 2017, United States President Donald Trump announced his intention to withdraw the U.S. from the Paris Agreement. Although there were concerns that the exit would impede the global effort to reduce greenhouse gas emissions, the environmental performance of U.S. firms in carbon-intensive...

In recent years, increasing social sentiment towards environmental concerns has given firms that are lagging behind their peers on CSR initiatives strong incentives to catch up. Focusing on environmentally-sensitive industries in the U.S., we show that these lagging firms invest more...