We show that, in the presence of correlated investment opportunities across firms, risk sharing between firm shareholders and firm managers leads to...
We hypothesize that labor participation in governance helps improve risk sharing between employees and employers. It provides an ex-post mechanism to...
We examine the links between CEO overconfidence, the speed of adjustment (SOA) of cash holdings, and firm value for listed US firms. First, we find that...
We develop a method that identifies the attention paid by earnings call participants to firms' climate change exposures. The method adapts a machine...
This article explores how issuer liability reallocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent...