In the first essay (joint work with Bryan Routledge), we calculate the value implications of suboptimal capital budgeting decisions in an asset-pricing model calibrated to match the standard asset pricing empirical properties – in particular, the time-variation in the equity premium. Specifically, we calculate that an investment policy that ignores the time variation in the equity premium, such...

We investigate whether the daily betas of individual stocks vary with release firm-specific news in an emerging market. Using intraday prices all traded on Borsa Istanbul, Turkey over period 2005-2013, we find evidence that average market increase significantly from two weeks before earnings announcement day, and then revert to their levels after announcement. The is greater for larger, positiv...

This paper contributes to the literature by examining whether age and gender of firm's top executives influence market-based measures firm risk. Using data on S&P 1500 firms, we document that chief executive officer (CEO) financial (CFO) have a direct effect risk in addition indirect they may through corporate policy choices. Specifically, find firms led older CEOs CFOs less volatile stock retu...

When a firm offers health benefits to workers, it exposes the firm to the risk of making payments when workers get sick. A firm can either pay health expenses out of its general assets, keeping the risk inside the firm, or it can purchase insurance, shifting the risk outside the firm. Using data on insurance decisions, we find that smaller firms, firms with more investment opportunities, and fi...

This study attempted to investigate the effects of corporate social responsibility on firm performance. It also tried to identify the mediating role of corporate image on the relationship between corporate social responsibility and firm performance. This research collected data on latent constructs through a questionnaire administered survey of managers across a spectrum of industries in Bangla...

This paper empirically explores the determinants of corporate research and development (R&D) intensity in the Canadian context with a sample of 134 TSE companies. Specifically we investigate in cross-section the impact of various governance and firm-specific variables on firms’ R&D intensity. We find that, in the case of governance variables, percentage of inside director, Directors’ ownership,...

In this paper, we conduct a succinct review of literature to understand the impact board gender diversity on firm performance and risk. The indicates that effect risk is inconclusive. Many studies indicate presence positive association between firm’s its value, while others document negative relation, still some showing there no significant relation We recommend vast scope for research in area,...

The evaluation and control of an agent‘s debt has become a major issue in economics. In this paper we focus on firms and study credit risk, debt control and asset valuation of firms. We demonstrate that firm specific credit constraints and endogenous risk premia, based on collateralized borrowing, affect the asset value of the firm and, in turn, the collateral value of the firm. In order to exp...

to achieve the optimal model for capital asset pricing has always been a central issue in studies of the financial field. in this study we consider fama and french three-factor model augmented by the pastor and stambaugh (2003) liquidity risk factor. unlike most previous studies in this model, stock level beta is allowed to vary with firm-level size and book-to-market value. to verify the above...