Now showing items 1-20 of 30

    • 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 ...
    • ‘Deprival Value’ vs. ‘Fair Value’ Measurement for Contract Liabilities: How to Resolve the ‘Revenue Recognition’ Conundrum? 

      Horton, Joanne; Macve, Richard; Serafeim, Georgios (Informa UK Limited, 2011-12)
      Revenue recognition and measurement principles can conflict with liability recognition and measurement principles. We explore here under different market conditions when the two measurement approaches coincide and when ...
    • 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 ...
    • Four Things No One Will Tell You About ESG Data 

      Kotsantonis, Sakis; Serafeim, Georgios (Wiley, 2019-06)
      As the ESG finance field and the use of ESG data in investment decision-making continue to grow, the authors seek to shed light on several important aspects of ESG measurement and data. This article is intended to provide ...
    • 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 ...
    • Investors as Stewards of the Commons? 

      Serafeim, Georgios (Wiley, 2018-06)
      Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. In this paper, I provide a framework outlining the role of ...
    • 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 ...
    • Research on Corporate Sustainability: Review and Directions for Future Research 

      Grewal, Jody; Serafeim, Georgios (Now Publishers, 2020)
      We review the literature on corporate sustainability and provide directions for future research. Our review focuses on three actions: measuring, managing and communicating corporate sustainability performance. Measurement ...