The Impact of Managerial Incentives on IPO Mortality
We find that IPO firms with generously compensated CEOs and large pay disparities between the CEO and other top executives have lower failure rates and longer time [...]
Zombie Board: Board Tenure and Firm Performance
We show that board tenure exhibits an inverted U‐shaped relation with firm value and accounting performance. The quality of corporate decisions, such as M&A, financial reporting quality, [...]
Assessing the Value Relevance of Mandatory Business Model Disclosures
Purpose – Extra-financial information and narrative reporting has long been portrayed as a way of enhancing the informativeness and usefulness of traditional financial reporting. Numerous more or [...]
Happy Analysts
This paper is the first to investigate the role of work-life balance in financial analysts’ performance and career advancement. Using a large sample of Glassdoor reviews by financial analysts, we [...]
Is Socially Responsible Investing A Luxury Good?
We investigate the time variability of abnormal returns from socially responsible investing (SRI) utilizing firm-level data on corporate social responsibility ratings. While firms with high ratings have marginally higher average [...]
The impact of environmental, social, and governance disclosure on firm value: The role of CEO power
Using a large cross-sectional dataset comprising of FTSE 350 listed firms, this study investigates whether superior environmental, social and corporate governance (ESG) disclosure affects firm value. We find a positive [...]
Analysis of the 50 largest Danish companies’ CSR reporting
FSR – Danish Auditors hired Center for ESG Research to investigate the usability of the CSR reports of the 50 largest Danish companies – listed as well as unlisted. The [...]
Female CEOs and Core Earnings Quality: New Evidence on the Ethics Versus Risk-Aversion Puzzle
The question of whether females tend to act more ethically or risk-averse compared to males is an interesting ethical puzzle. Using a large sample of US firms over the 1992-2014 [...]
Does Corporate Social Responsibility Impact Risk?
We investigate the relationship between corporate social responsibility (CSR) and risk, using measures that capture systematic, idiosyncratic, downside and extreme risks. We analyze the aggregate CSR score as well as [...]