Nils Lohmeier, Lennart Stitz, and Paul Drecker ♦ Can textual information from firm disclosures help to identify M&A targets? We employ two state-of-the-art transformer neural networks, RoBERTa and Longformer, based on 102,987 annual reports of publicly listed US firms to…
Fangyuan Ma, Linlin Ma, Yuan Wang, and Bo Xu ♦ We examine the incentives for mutual fund families to launch ESG funds. Our analyses reveal that introducing a new ESG fund is associated with a significant increase in capital inflows…
Guido Baltussen, Bart Van Vliet, and Pim Van Vliet ♦ This study examines the cross-section of stock returns out-of-sample using a novel database of U.S. stocks between 1866 and 1926. Over this ‘pre-CRSP’ era (i) the relationship between market beta and returns…
Huafeng (Jason) Chen, Yinglu Deng, Pengfei Li, Hulai Zhang, and Hao Zhou ♦ Whether risk aversion is time varying and countercyclical is central to modern asset pricing, yet evidence remains limited and is based mainly on experimental, survey, or aggregate…
Roni Michaely, Silvina Rubio, and Irene Yi ♦ Using a novel dataset where institutional investors explain their votes—voting rationales—we provide direct evidence on the motivations behind votes against directors. Lack of independence and board diversity are the main stated reasons for…
Daniel A. Rettl, Alexander Schandlbauer, and Mircea Trandafir ♦ Using administrative data on the universe of firms in Denmark, we find that even temporary and small health shocks to employee health like seasonal influenza can significantly reduce firm profitability. The…
