Working Paper
Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans
We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international...
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Earnings Management and Managerial Honesty: The Investors’ Perspectives
Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of...
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Strategic Leadership in Corporate Social Responsibility
We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm...
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Culture and Law in Corporate Governance
Understanding the role of culture in corporate governance has become a subject of growing importance. Today, no institutional analysis of corporate...
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Socially Responsible Firms
In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The...
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Does Money Talk? Market Discipline through Selloffs and Boycotts
Can market discipline affect corporate environmental and social (E&S) policies? Using international data on corporate E&S news, we show that...
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Does Prestige Matter More than Profits for Entrepreneurs?
We study whether the individual decision to become an entrepreneur, entrepreneurial profits and investment are affected by the decisions of other...
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Ambiguity, Disagreement, and Corporate Control
We show that ambiguity aversion generates endogenous disagreement between a firm?s insider and outside shareholders. Outsiders are...
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On the Foundations of Corporate Social Responsibility
A firm's corporate social responsibility (CSR) practice and its country's legal origin are strongly correlated. This relation is valid for various CSR...
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