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., 2009). Their evidence indicates that there are valuation premiums for firms surpassing three benchmarks. Several studies suggest that incremental positive effects on prices or returns, also known as
and regulatory control variables. We also find the year after volatility in the stock market increases, gambling markets performance is positive and significant, revealing these gambling investors
regression using the corporate culture score as the dependent variable. The coefficient of board gender diversity instrumented from the first stage is positive and significant. The result for Model 3, where