Annual Conference

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Accounting

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May 2023

ESG Reporting Divergence

Yun LOU, Qiang CHENG, Mengjie YANG
In this paper, we provide the first large-sample empirical analysis of the consequences of ESG reporting divergence among U.S. firms. We construct and validate an ESG reporting divergence measure based on the dissimilarities in ESG reporting across firms. We find it to be lower for firm-pairs using ...
Keywords: ESG reporting divergence, ESG rating disagreement, ESG fund, ESG reporting regulation
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Annual Conference

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Corporate Finance

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May 2024

Equity Pay Beyond the C-suite

Andrea L. EISFELDT, Antonio FALATO, Dongryeol LEE, Mindy Xiaolan ZHANG
Equity pay has become increasingly common over the last several decades but the differences in the level of equity pay across firms are very large. This study documents the inequality in equity pay across firms and describes the drivers of firm-level differences in equity pay policies. We show that ...
Keywords: Equity Compensation, Inequality
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Annual Conference

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Investment Finance

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May 2024

Equity Lender Base and Limits to Arbitrage

Xi DONG, Qifei ZHU
Using new data on mutual funds’ equity lending positions, we find that short sellers borrow shares from a small set of repeated lenders and the composition of lenders differs from stock to stock. We argue that this fragmented, persistent lender base is driven by investors’ inelastic lending supp...
Keywords: Limits to Arbitrage, Equity Lending, Short Selling, Mutual Funds
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Annual Conference

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Sustainable and Green Finance, Senior Fellows/Fellows

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May 2022

Environmental Liabilities, Creditors, and Corporate Pollution: Evidence from the Apex Oil Ruling

Po-Hsuan HSU, Ross LEVINE, Jianqiang CHEN, Pei-Fang HSIEH
We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which generat...
Keywords: environmental liabilities, pollution, creditors, bankruptcy.
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Annual Conference

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Corporate Finance

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May 2016

Enemy at the Gates: Trade Credit v/s Price Discount as a Strategic Tool

Manpreet SINGH
How do financial constraints affect an incumbent supplier firm's choice of extending more trade credit versus offering price discounts when facing an increased threat of entry from competitors? The threatened incumbent supplier firms may (a) extend more trade credit, ex-ante, to defend their market ...
Keywords: trade credit, limit-pricing, entry threat, Financial constraints
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