Yifei Zhang ♦ This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of text-based metrics about firm scope, I document that CVC investments are strongly associated with subsequent firm scope changes…
Bjorn Eraker ♦ Dynamic equilibrium models based on present value computation imply that returns are predictable but also generate particular short-term patterns of predictability in asset returns. I take advantage of this to construct a set of tests of Equilibrium…
Tinghua Duan, Frank Weikai Li, and Quan Wen ♦ This paper examines the pricing of a firm’s carbon risk in the corporate bond market. Contrary to the “carbon risk premium” hypothesis, bonds of more carbon-intensive firms earn significantly lower returns. This effect…
