(proxied by post earnings announcement drift and standard deviation of returns). • This is especially true for low-visibility firms. • This reduction in information asymmetry is the result of increased

1 Synergistic effects of CSR practices on firm value: Evidence from Asia Pacific emerging markets Boonlert Jitmaneeroj School of Business, University of the Thai Chamber of Commerce Abstract Corporate social responsibility (CSR) has several attributes that are inherently unobservable or measured with errors. This study proposes an alternative methodology to account for measurement errors in CSR proxies. In this spirit, this study considers CSR to be a latent variable measured by environmental (E...

-earnings announcement drift. Her results suggest a relation between fundamentals-based earnings persistence and investors’ reaction. Yao (2014) builds on Chen (2013)’s model to posit that underlying economic