We investigate the effect of corporate sustainability on organizational processes and
performance. Using a matched sample of 180 US companies, we find that corporations that …

This paper analyzes the relationship between employee satisfaction and long-run stock
returns. A value-weighted portfolio of the “100 Best Companies to Work For in America” …

Executive Overview How are job satisfaction and firm value linked? I tackle this long-
standing management question using a new methodology from finance. I study the effect on …

We investigate the effect of a corporate culture of sustainability on multiple facets of
corporate behavior and performance outcomes. Using a matched sample of 180 companies …

Much of empirical corporate finance focuses on sources of the demand for various forms of
capital, not the supply. Recently, this has changed. Supply effects of equity and credit …

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short)
position in the most (least) central firms earns average annual returns of 4.68%. Firms with …

Studying 30 countries, we find that the link between employee satisfaction and stock returns
is significantly increasing in a country's labor market flexibility. This result is consistent with …

We estimate a dynamic investment model in which firms finance with equity, cash, or debt.
Misvaluation affects equity values, and firms optimally issue and repurchase overvalued and …

ABSTRACT I demonstrate that nonfinancial corporations act as cross‐market arbitrageurs in
their own securities. Firms use one type of security to replace another in response to shifts in …

I study the causal effect of investors' demand for corporate bonds on nonfinancial firms'
corporate finance and investment activities, using granular data on US insurance …