We provide a synthesis of four decades of empirical research regarding the reaction of
shareholders to environmental events. This literature is at the crossroads of finance …

Unless quality is apparent at the point of sale, the market must find ways to ensure the
delivery of high-quality products; otherwise, producers have incentives to sell low-quality …

We examine the penalties imposed on the 585 firms targeted by SEC enforcement actions
for financial misrepresentation from 1978–2002, which we track through November 15 …

OPTIMAL penalties for corporate fraud require that firms face expected penalties equal to
the total social costs of the crime. Yet formal courtimposed sanctions for committing fraud …

Corporate reputation and reputation risk are becoming increasingly relevant for firms, also
caused by its relevance for firm value. In this context, this paper provides a comprehensive …

Behavioral economic studies reveal that negative sentiment driven by bad mood and anxiety
affects investment decisions and may hence affect asset pricing. In this study we examine …

This paper examines the sizes of the fines, damage awards, remediation costs, and market
value losses imposed on companies that violate environmental regulations. Firms that …

Based on theory and anecdotal evidence, we argue that ongoing implicit claims between a
firm and its customers, suppliers, employees, and short-term creditors create incentives for …

Introduction to Air Transport Economics: From Theory to Applications uniquely merges the
institutional and technical aspects of the aviation industry with their theoretical economic …

Fraud scandals can create incentives to change managers in an attempt to improve the
firm's performance, recover lost reputational capital, or limit the firm's exposure to liabilities …