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Articles 1 - 3 of 3
Full-Text Articles in Business
Institutional Investors And Corporate Environmental, Social, And Governance Policies: Evidence From Toxics Release Data, Incheol Kim, Hong Wan, Bin Wang, Tina Yang
Institutional Investors And Corporate Environmental, Social, And Governance Policies: Evidence From Toxics Release Data, Incheol Kim, Hong Wan, Bin Wang, Tina Yang
Finance Faculty Research and Publications
This paper studies the role of institutional investors in influencing corporate environmental, social, and governance (ESG) policies by analyzing the relation between institutional ownership and toxic release from facilities to which institutions are geographically proximate. We develop a local preference hypothesis based on the delegated philanthropy and transaction-costs theories. Consistent with the hypothesis, local institutional ownership is negatively related to facility toxic release. The negative relation is stronger for local socially responsible investing (SRI) funds, local public pension funds, and local dedicated institutions. We also find that the relation is more negative in communities that prefer more stringent environmental policies …
The Impact Of Post-Trade Transparency On Price Efficiency And Price Discovery: Evidence From The Taiwan Stock Exchange, Chiou-Fa Lin, Cheng-Huei Chaio, Bin Wang
The Impact Of Post-Trade Transparency On Price Efficiency And Price Discovery: Evidence From The Taiwan Stock Exchange, Chiou-Fa Lin, Cheng-Huei Chaio, Bin Wang
Finance Faculty Research and Publications
Purpose
The purpose of this paper is to examine the impact of post-trade transparency on price efficiency and price discovery.
Design/methodology/approach
The authors use an exogeneous change in market transparency in the Taiwan Stock Exchange that mandates the disclosure of unexecuted orders of the five best bid and ask prices after each trade, and conduct an event study analysis.
Findings
After the change, price efficiency enhances for both large and small firms, although the impact on stock prices is greater when the firm is larger. The authors also find that post-change trading reveals more private information for large firms but …
Compensation Clawback Policies And Corporate Lawsuits, Matteo Arena, Nga Nguyen
Compensation Clawback Policies And Corporate Lawsuits, Matteo Arena, Nga Nguyen
Finance Faculty Research and Publications
Purpose
The purpose of this paper is to study the relation between compensation clawbacks and lawsuits and analyze how these two corporate disciplinary forces interact. This paper hypothesizes that by allowing firms to recoup compensation from managers who breach their fiduciary duty, clawbacks provide a form of discipline that potentially reduces the likelihood of managerial wrongdoing, which, in turn, lowers the risk of corporate lawsuits.
Design/methodology/approach
This paper identifies whether or not a company in the S&P 1500 had a clawback policy between 2007 and 2014 by searching the company filings and press releases. The authors also construct different proxies …