Now showing items 1-20 of 25

    • Career Concerns of Banking Analysts 

      Horton, Joanne; Serafeim, Georgios; Wu, Shan (2015-05-06)
      We study how career concerns influence banking analysts’ forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic ...
    • Chief Sustainability Officers: Who Are They and What Do They Do? 

      Miller, Kathleen; Serafeim, Georgios (2014-11-06)
      While a number of studies document that organizations go through numerous stages as they increase their commitment to sustainability over time, we know little about the role of the Chief Sustainability Officer (CSO) in ...
    • Corporate Purpose and Financial Performance 

      Gartenberg, Claudine; Prat, Andrea; Serafeim, Georgios (2017-03-23)
      We construct a measure of corporate purpose within a sample of US companies based on approximately 500,000 survey responses of worker perceptions about their employers. We find that this measure of purpose is not related ...
    • Corporate Social Responsibility and Access to Finance 

      Cheng, Beiting; Ioannou, Ioannis; Serafeim, Georgios (2012-11-09)
      In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced ...
    • Corporate Sustainability: First Evidence on Materiality 

      Khan, Mozaffar Nayim; Serafeim, Georgios; Yoon, Aaron (2015-04-06)
      An increasing number of companies make sustainability investments, and an increasing number of investors integrate sustainability performance data in their capital allocation decisions. To date however, the prior academic ...
    • Does Mandatory IFRS Adoption Improve the Information Environment? 

      Horton, Joanne; Serafeim, Georgios; Serafeim, Ioanna (2012-11-09)
      More than 120 countries require or permit the use of International Financial Reporting Standards (‘IFRS’) by publicly listed companies on the basis of higher information quality and accounting comparability from IFRS ...
    • FIN around the world: the contribution of financing activity to profitability 

      Lundholm, Russell; Serafeim, Georgios; Yu, Gwen (2012-09-10)
      We study how the availability of domestic credit influences the contribution that financing activities make to a firm’s return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing ...
    • Firm Competitiveness and Detection of Bribery 

      Serafeim, Georgios (2014-01-13)
      Using survey data from firms around the world I analyze how detection of bribery has impacted a firm’s competitiveness over the past year. Managers report that the most significant impact was on employee morale, followed ...
    • How to Become a Sustainable Company 

      Eccles, Robert; Perkins, Kathleen; Serafeim, Georgios (2012)
    • The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics 

      Ioannou; Serafeim, Georgios (Wiley-Blackwell, 2014-07-18)
      We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost, due to the ...
    • The Impact of Corporate Sustainability on Organizational Processes and Performance 

      Eccles, Robert G; Ioannou, Ioannis; Serafeim, Georgios (INFORMS, 2014)
      We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 U.S. companies, we find that corporations that voluntarily adopted sustainability policies ...
    • Integrated Reporting and Investor Clientele 

      Serafeim, Georgios (2014-04-24)
      In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm’s investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with ...
    • Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World 

      Healy, Paul Murray; Serafeim, Georgios; Srinivasan, Suraj; Yu, Gwen Gwen (2014-11-25)
      We examine how cross-country differences in product, capital, and labor market competition, and earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 ...
    • Market Reaction to Mandatory Nonfinancial Disclosure 

      Grewal, Jyothika; Riedl, Edward J.; Serafeim, Georgios (2015-09-15)
      This paper examines the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure, which affected firms listed on EU exchanges or ...
    • Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs 

      Khan, Mozaffar; Kogan, Leonid; Serafeim, Georgios (Wiley-Blackwell, 2012)
      In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants ...
    • Pay for Environmental Performance: The Effect of Incentive Provision on Carbon Emissions 

      Eccles, Robert G; Ioannou, Ioannis; Li, Shelley Xin; Serafeim, Georgios (2012-12-07)
      Corporations are increasingly under pressure to improve their environmental performance and to account for potential risks and opportunities associated with climate change. In this paper, we examine the effectiveness of ...
    • Resources or Power? Implications of Social Networks on Compensation and Firm Performance 

      Horton, Joanne; Millo, Yuval; Serafeim, Georgios (2012)
      Using a sample of 4,278 listed UK firms, we construct a social network of directorship-interlocks that comprises 31,495 directors. We use social capital theory and techniques developed in social network analysis to measure ...
    • The Role of the Corporation in Society: An Alternative View and Opportunities for Future Research 

      Serafeim, Georgios (2014-12-12)
      A long-standing ideology in business education has been that a corporation is run for the sole interest of its shareholders. I present an alternative view where increasing concentration of economic activity and power in ...
    • Shareholder Activism on Sustainability Issues 

      Grewal, Jody; Serafeim, Georgios; Yoon, Aaron Seokhyun (2016-08-22)
      Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of proposals filed doubling from 1999 to 2013. We use recent innovations in accounting standard setting to ...
    • Stock Price Synchronicity and Material Sustainability Information 

      Grewal, Jody; Hauptmann, Clarissa; Serafeim, Georgios (2017-06-28)
      We examine if, and under what conditions, disclosure of sustainability information identified as investor relevant by market-driven innovations in accounting standard-setting, is associated with stock prices reflecting ...