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Listings

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Venture Capital

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Bankruptcy & Insolvency

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Capital Markets

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Short-termism

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Common Ownership

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Diversity

26 Working Papers
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Responsible Capitalism

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Latest Working papers

13 February 2021

Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures

We construct measures of firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the Carbon Disclosure Project. These measures vary in a pronounced, distinctive...

Tarun Ramadorai | Federica Zeni
11 February 2021

Target Employee-Shareholder Conflicts of Interest, Unemployment Insurance and Takeover Outcomes

We examine the extent that unemployment insurance (UI) reduces employee-shareholder conflicts of interest in target firms and affects takeover outcomes. A 10% increase in UI level raises takeover likelihoods by 15- 26% over the...

Lixiong Guo | Jing Kong | Ronald Masulis
04 February 2021

Wage gap and stock returns: Do investors dislike pay inequality?

Recent research shows that a high wage gap between managers and workers identifies better-performing firms, but the stock market does not seem to price this information. In this paper, we show that not all investors neglect pay...

Ingolf Dittmann | Maurizio Montone | Yuhao Zhu
25 January 2021

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We...

Kai Li | Xing Liu | Feng Mai | Tengfei Zhang