Cross-border carbon taxes and shareholder wealth
with Martin Jacob, Gaizka Ormazabal, and Robert Raney, Management Science (2026)
Stock market response to private corruption: The moderation role of public perceptions
with Carmen Aranda, Andrés Mesa, and Antonio Moreno, European Financial Management (2026)
Do CEO connections to the Chinese Politburo pay off and how?
with Aditi Gupta and Beatriz Simon-Yarza, Corporate Governance: An International Review (2025)
Do corruption perceptions impact the pricing and access of Euro area corporates to bond markets?
with Judith Arnal, Andrés Mesa, and Antonio Moreno, The European Journal of Finance (2024)
The value of political connections: evidence from China's anti-corruption campaign
with Nuno Palma and Beatriz Simon-Yarza, Journal of Institutional Economics (2022)
Shortlisted for the 2023 Elinor Ostrom Prize
Media coverage in Bloomberg
Do CEOs’ political ideologies matter for climate disclosures?, with Walid Ben-Amar and Diana Castro-Herrera
This paper examines the association between chief executive officers' (CEOs) political ideologies and the specificity of narrative climate-related disclosures in S&P 500 firms' 10-K filings. Using hand-collected data on CEOs' personal political contributions, we construct a measure of political ideology and document that firms led by Democratic CEOs provide more specific climate-related disclosures than firms led by Republican CEOs. A difference-in-differences design around CEO turnovers, with results concentrated in unexpected turnovers, confirms that disclosure specificity shifts with changes in CEO ideology. The association between Democratic CEO ideology and disclosure specificity is stronger when CEOs have greater managerial discretion and when firms operate in high-attention environments. These findings extend beyond our primary specificity measure: firms led by Democratic CEOs provide more climate commitment disclosures, more relevant climate risk information, greater Scope 1 emissions transparency, and higher environmental disclosure quality scores. Using two exogenous shocks to climate salience, we find that Democratic-led firms increase disclosure specificity following a natural disaster while Republican-led firms reduce it, and that Democratic-led firms adopt a more pessimistic disclosure tone following the U.S. withdrawal from the Paris Agreement. Collectively, our results indicate that CEO political ideology is a systematic source of variation in corporate climate disclosure, with implications for investors and regulators assessing the comparability and decision-usefulness of narrative climate reporting.
China y Estados Unidos: De Taiwán a la guerra de los chips, una historia geopolítica, The Conversation (2022)