Annual Conference

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Corporate Finance

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May 2015

We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting months, ...
Keywords: Voluntary Disclosure, Equity Vesting, CEO Incentives, News
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Annual Conference

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Corporate Finance

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May 2022

We show that firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from them. While this information improves project selection, the cost of waiting offsets those gains. To establish causality, we exploit local exogenous variation from the 1800...
Keywords: Real options, corporate investment, strategic interactions, peer learning, historical data
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Annual Conference

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Sustainable and Green Finance

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May 2022

We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm value maximization. This commitment leads firms to change their actions in ways that ultimately favor shareholders. We thus provide a formal analysis ...
Keywords: Leadership, corporate social responsibility, shareholder model, stakeholder model, externalities, mi
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Annual Conference

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Accounting

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May 2023

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and as a means of informative communication in others. Building on these observa...
Keywords: Financial reporting complexity, disclosure, complexity, obfuscation, disclosure informativeness, sophisticated investors, MD&A.
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Stock prices and workplace mobility trace out striking clockwise paths in daily data from mid February to late May 2020. Global stock prices fell 30 percent from 17 February to 12 March, before mobility declined. Over the next 11 days, stocks fell another 10 percentage points as mobility dropped 40 ...
Keywords: stock prices, lockdown policies, market shutdowns, Coronavirus, COVID-19, workplace mobility, China
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