Studies have shown that corporate social performance (CSP) is an antecedent of reputation, acting as a signal affects stakeholders’ perceptions and expectations about firm’s future behavior. However, the perceptions, expectations, interests stakeholders may be affected by external factors, such national culture, which shapes their beliefs what role companies play in society. Drawing on institut...

Abstract This paper explores the impact of product market competition on positive relation between labor mobility (LM) and future returns. We develop a production-based model formalize intuition that low exposure to systematic risk in concentrated industry limits LM’s amplifying effect operating leverage. Therefore, predicts stronger LM expected returns for firms competitive industries. Consist...

We study the contemporaneous and intertemporal partial relation between T-bond pricing and changes in equity risk, as measured by the implied volatility from equity-index options. Our 1992 to 2007 sample is attractive because of the modest inflation risk and sizable time-series variability in equity risk. Over 1997 to 2007 and for inclusive one-half and one-quarter subperiods, we find that the ...

In this paper we investigate the recently documented trading profits based on technical trading rules in an asset pricing framework that incorporates jump risk and time-varying risk premia. Following Brock, Lakonishok, and LeBaron (1992), we apply popular technical trading rules to the daily S&P 500 index over a long period of time. Trading profits are examined using bootstrap simulation to add...

Article history: Received 24 April 2012 Received in revised form 8 September 2012 Accepted 17 September 2012 Available online 25 September 2012 We extend the market timing literature to show that SEO timing can be characterized by the dynamics of liquidity risk. That is, firms tend to issue SEOs when liquidity risk declines to the point where investors have least concern of the risk. In the abs...

Uncertainty about the future rises in recessions. But is uncertainty a source of business cycles or an endogenous response to them, and does type matter? We propose novel SVAR identification strategy address these questions via inequality constraints on structural shocks. find that sharply higher macroeconomic recessions often output shocks, while financial markets likely fluctuations. (JEL D81...

Family firms are the most prevalent form of economic organization in world, but despite their reputation for resilience and agility, many them facing enormous challenges due to Covid-19 pandemic. In this essay, we examine how pressures respond health emergency affecting ability family preserve socioemotional wealth (SEW). addition, also provide implications business research a post-Covid world....

This paper investigates market perceptions of the risk of large exchange rate movements by using information gleaned from risk reversal contracts and macroeconomic news surprises. We focus on the height of the carry trade period in Japan (March 2004 through December 2006). Concerns about sharp yen appreciation were particularly evident during the period of heavy carry trade activity and are mor...

In this paper we provide experimental evidence for the importance of reputation in markets with experience goods. In this type of markets high quality cannot be enforced by complete and enforceable contracts. This leads to low efficiency or even the breakdown of markets. A potential remedy to overcome these inefficiencies is reputation formation. In order to study the causal effect of reputatio...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...