This study investigates whether corporate social responsibility (CSR) mitigates or contributes to stock price crash risk. Crash risk, defined as the conditional skewness of return distribution, captures asymmetry in risk and is important for investment decisions and risk management. If socially responsible firms commit to a high standard of transparency and engage in less bad news hoarding, they would have lower crash risk. However, if managers engage in CSR to cover up bad news and divert shareholder scrutiny, CSR would be associated with higher crash risk. Our findings support the mitigating effect of CSR on crash risk. We find that firms' CSR performance is negatively associated with future crash risk after controlling for other predictors of crash risk. The result holds after we account for potential endogeneity. Moreover, the mitigating effect of CSR on crash risk is more pronounced when firms have less effective corporate governance or a lower level of institutional ownership. The results are consistent with the notion that firms that actively engage in CSR also refrain from bad news hoarding behavior and thus reducing crash risk. This role of CSR is particularly important when governance mechanisms, such as monitoring by boards or institutional investors, are weak.

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This paper proposes a double-sided LCC compensation network and its tuning method for wireless power transfer (WPT). With the proposed topology and its tuning method, the resonant frequency is irrelevant with the coupling coefficient between the two coils and is also independent of the load condition, which means that the system can work at a constant switching frequency. Analysis in frequency domain is given to show the characteristics of the proposed method. We also propose a method to tune the network to realize zero voltage switching (ZVS) for the Primary-side switches. Simulation and experimental results verified analysis and validity of the proposed compensation network and the tuning method. A wireless charging system with output power of up to 7.7 kW for electric vehicles was built, and 96% efficiency from dc power source to battery load is achieved.

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