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Correspondence: john.griffin@utexas.edu
J.M.G., S.K., and G.M. designed research, performed research, analyzed data, and wrote the paper.
We thank Paul Gendreau, Shane Johnson, Stefan Lewellen, Joseph Stover, Ivo Welch, and Luigi Zingales; as well as seminar participants at the American Finance Association Annual Meeting.
We also thank the Catholic University of Chile, the Lone Star Finance Conference, the Wake Forest Corporate Social Responsibility Conference, the Center for Accounting Research and Education Conference, the Midwest Finance Association Annual Meeting, the SEC, and the University of Texas at Austin for helpful comments.
Mark Albin, Vedant Batra, Esha Dewan, Akshat Gautam, Melissa Hall, Ziqian Ju, Cliffe Kim, Jangwoo Lee, Murray Lee, Marc Luettecke, Felix Olazaran, Kush Patel, Nicolas Savignon, Surya Raviillu, and Daniel Smarda provided excellent research assistance.
The authors declare no conflict of interest.
We are grateful for research support from the McCombs Research Excellence Grant and to Integra FEC LLC for providing LexisNexis access and research support.
© 2019 the Author(s).