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Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation
We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm-specific variation in stockExpand
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Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing?
Roll [1988] observes low R 2 statistics for common asset pricing models due to vigorous firm-specific return variation not associated with public information. He concludes that this implies “eitherExpand
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Precarious Politics and Return Volatility
We examine how local and global political risks affect industry return volatility. Our central premise is that some industries are more sensitive to political events than others. We find thatExpand
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To steal or not to steal: firm attributes
TLDR
An open-backed tape cartridge shell is inserted in conventional fashion into a cartridge tape machine to provide access through the tape cartridgeshell to the tape-contacting elements of the tape machine. Expand
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The Real Effects of Political Uncertainty: Elections and Investment Sensitivity to Stock Prices
We show that political uncertainty surrounding elections can affect how corporate investment responds to stock prices. In a large panel of elections around the world, investment is 40% less sensitiveExpand
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Does Firm-Specific Information in Stock Prices Guide Capital Allocation?
We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal qExpand
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Value Enhancing Capital Budgeting & Firm-Specific Stock Returns Variation
We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm-specific variation in stockExpand
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Property rights protection, corporate transparency, and growth
In countries with secure property rights, corporate transparency improves investment efficiency and increases growth by alleviating information asymmetry. However, in countries with insecure propertyExpand
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Corporate Social Responsibility and Asset Pricing in Industry Equilibrium
Corporate social responsibility (CSR) represents a growing strategic concern for corporations around the world, many of which are adopting CSR as a core management or board-level function. The GlobalExpand
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When Talk Isn't Cheap: The Corporate Value of Political Rhetoric
Does political rhetoric matter for firms and investors? We conduct a textual analysis of all 388 gubernatorial “State of the state” speeches given between 2002 and 2010 across U.S. states, to examineExpand
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