A fundamental question in accounting is whether and to what extent financial reporting
facilitates the allocation of capital to the right investment projects. Over the last two decades …

We show that engagement on environmental, social, and governance issues can benefit
shareholders by reducing firms' downside risks. We find that the risk reductions (measured …

This paper reviews the literature on the real effects of financial reporting and disclosure on
corporate innovation, highlighting both the possible channels of influence and the potential …

Research summary: In this paper, we theorize and empirically investigate how a long‐term
orientation impacts firm value. To study this relationship, we exploit exogenous changes in …

Abstract In 2017,“The Big Three” institutional investors launched campaigns to increase
gender diversity on corporate boards. We estimate that their campaigns led American …

This study evaluates the relation between hostile takeovers and 17 takeover laws from 1965
to 2014. Using a data set of largely exogenous legal changes, we find that certain takeover …

Leveraging as a quasi-natural experiment the staggered passage of universal demand laws,
which raise the difficulty of shareholder lawsuits, we examine the effect of shareholder …

We analyze whether the growing importance of passive investors has influenced the
campaigns, tactics, and successes of activists. We find activists are more likely to seek board …

We show that credit default swap (CDS) trading on a firm's debt positively influences its
technological innovation output measured by patents and patent citations. This positive …

We argue and demonstrate empirically that a firm's institutional and legal context has first‐
order effects in tests that use state antitakeover laws for identification. A priori, the size and …