Every firmisexposedtobusinessrisks,includingthepossibilitiesoflarge,adverseshockstocashflows.Potentialsources
for suchshocksabound—examplesincludedisruptiveproductinnovations,therelaxationofinternationaltradebarriers,and
changesingovernmentregulations.Westudy(1)howboardsadjustCEOs'exposuretotheirfirms'riskaftertheriskofsuch
shocksincreaseand(2)howincentivesgivenbytheCEOs'pre-existingportfoliosofstockandoptionsaffecttheirfirms'
responsetothisrisk.Specifically,westudywhathappenswhenafirmlearnsthatitisexposingworkerstocarcinogens,
which increasetherisksofsignificantcorporatelegalliabilityandcostlyworkplaceregulations.
ทุก firmisexposedtobusinessrisks includingthepossibilitiesoflarge adverseshockstocashflows.potentialsources , ,สำหรับ suchshocksabound examplesincludedisruptiveproductinnovations therelaxationofinternationaltradebarriers , และ ,( 1 ) howboardsadjustceos'exposuretotheirfirms'riskaftertheriskofsuch westudy changesingovernmentregulations .shocksincreaseand ( 2 ) howincentivesgivenbytheceos'pre-existingportfoliosofstockandoptionsaffecttheirfirms 'responsetothisrisk โดยเฉพาะ westudywhathappenswhenafirmlearnsthatitisexposingworkerstocarcinogens , ,ซึ่ง increasetherisksofsignificantcorporatelegalliabilityandcostlyworkplaceregulations .
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