That's Interesting
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One in five butterfly species sold online across borders
18th February, 2024Humankind’s appreciation for butterflies spans cultures and millennia, including the practice of assembling butterfly collections. This paper monitored the global e-commerce platform eBay.com for one year and obtained 50,555 time-stamped transactions of 3767 species (739 genera) of butterflies. This is nearly 20% of all butterfly species on Earth. A total of 552 sellers were based in 44 countries across five continents. At least 96% of the traded species required transportation of the specimen from its country of origin to its seller, usually from the Global South to the United States and Europe.
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The Hidden Butterfly Trade
18th February, 2024Butterflies are perhaps the most extensively traded animals on the planet. But just how many are traveling, of which potentially endangered or threatened species, and from which points of origin, has been a mystery. Unlike elephant ivory or pangolin hide, butterflies pass invisibly through X-ray scanners at international ports of entry.
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Quadrophobia: Strategic Rounding of EPS Data
15th February, 2024Managers’ incentives to round up reported earnings per share (EPS) cause an underrepresentation of the number 4 in the first post-decimal digit of EPS, or “quadrophobia.” This article has developed a novel measure of aggressive financial reporting practices based on a firm’s history of quadrophobia. Quadrophobia is pervasive, persistent, and successfully predicts future restatements, Securities and Exchange Commission enforcement actions, and class action litigation.
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The Moderating Effect of CEO Power on the Board Composition–Firm Performance Relationship
12th February, 2024Prior studies of the relationship between the composition of boards of directors and firm performance offer equivocal results. Drawing on agency and power circulation theories, this article attempts to reduce this equivocality by asserting that CEO power moderates the relationship. Specifically, an outside director dominated board is needed to check a powerful CEO, but monitoring by other executives provides sufficient constraints on CEOs with low power.
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Drawing Up the Bill: Is ESG Related to Stock Returns Around the World?
09th February, 2024This article aims to provide the most comprehensive analysis to date of the relation between ESG ratings and stock returns, using 16,000+ stocks in 48 countries and seven different ESG rating providers. The article finds very little evidence that ESG ratings are related to global stock returns over 2001-2020.
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How the World’s Deadliest Crises Go Unseen
06th February, 2024In the Central African Republic, researchers found an astronomical death rate. Could a major emergency be invisible?
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Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms
11th January, 2024The article develops a new measure of impact elasticity, defined as a firm’s change in environmental impact due to a change in its cost of capital. It shows empirically that a reduction in financing costs for firms that are already green leads to small improvements in impact at best. In contrast, increasing financing costs for brown firms leads to large negative changes in firm impact. Thus, sustainable investing that directs capital away from brown firms and toward green firms may be counterproductive, in that it makes brown firms more brown without making green firms more green.
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OECD Corporate Governance Factbook 2021
27th November, 2023Between 2005 and 2020, according to the OECD, almost 30,000 companies delisted from global markets via conventional takeovers, share buybacks and leverage buyouts. Over most of that period delistings were not matched by new issues so there was a net loss of listed companies, mainly in the US and Europe.
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Eclipse of the Public Corporation
23rd November, 2023New organizations are emerging in its place—organizations that are corporate in form but have no public shareholders and are not listed or traded on organized exchanges. These organizations use public and private debt, rather than public equity, as their major source of capital.
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