The negative association between pre-financing price run-ups and post-financingprice drift-downs is well documented in the literature. We find that firms experiencingpre-financing run-ups and firms experiencing post-financing long-termunderperformance may not always be the same firms. The firms with

Dr. Wei is an Associate Professor of Accounting and Union PacificResearch Fellow at Creighton University, which is located in Omaha, NE.Dr. Wei earned her Ph.D. in Accounting from the University of Maryland –College Park in May 2017. At Creighton, Dr. Weicurrently teaches undergraduate accounting an

TJ is a professor at the University of Southern California Marshall School of Business. His research focuses on the institutions and corporate governance of listed firms in emerging markets. He has served as editor for The Accounting Review, associate editor for Management Science and editorial boar

Using US firm-level data, we document significant differences in pollution abatement activities over the life cycle of firms. Under financial constraints, smaller and younger firms invest more in capital and engage less in pollution abatement; as they accumulate more net worth, their abatement activ

ESG-linked compensation policies propagate through common directors, impacting firm-level environmental innovation performance. Using a sample of U.S. listed firms during 2002-2020, we show that a firm is 2.7% more likely to implement ESG-pay policy if its board-connected peers have adopted it. This

A firm’s decision to initiate Scope 3 emissions disclosure not only reflects the firm’s sustainability efforts but also signals its commitment to decarbonization, fostering collaboration among suppliers in promoting greener supply chains.

There is a wide-spread concern that investment funds use the claim of ESG investing to attract investment flows without making real ESG-oriented investments. Exploiting the establishment of the SEC’s Climate and ESG Task Force (Task Force hereafter) as a plausible exogenous shock to regulatory overs

Based on a sample of the listed 1,456 Chinese State-owned Enterprises (SOEs) with 33,242 firm-year observations spanning the years 2010 to 2023, by manually tracking top executives’ (Chairmen and CEOs) subsequent employment records, we have found that their past ESG performance facilitates their fut

This paper examines the impact of tax haven crackdown on the loan sale market, where majority of the loan buyers are institutional investors. Exploiting the adoption of Tax Information Exchange Agreement (TIEA) intended to reveal haven activities, we find an increase in the probability and intensit

Using a large international sample of firms, we examine the relation between carbon management ability (CMA) and firm-level climate risk exposure. We find that CMA is negatively associated with climate risk exposure. More importantly, we show that firms with high-CMA managers tend to achieve reducti

This study investigates the effect of a firm’s indoor environment quality (IEQ) on its information production. Leveraging a third-party sustainability building rating system that provides IEQ scores for office buildings, we first show that employees in a firm’s headquarters with better IEQ score

Our hypothesis is that the disposition effect - the tendency to sell winners but hold on to losers - is weaker when investors can attribute their losses to forces beyond their control. We test this hypothesis in the disclosure setting that uncontrollable factor disclosure (UFD) in earnings confe