Study Shows EPA’s Unintended Effect on Voluntary Climate Disclosures by Public Firms

Public firms disclose significantly less about environmental risks when under EPA scrutiny, new research by Mark Zakota shows. His study highlights how such oversight may undermine SEC climate-transparency efforts—unless firms improve governance or agencies better coordinate enforcement.

Explaining, Assessing the Digital Services Tax Dilemma

President Trump paused trade talks with Canada over its digital services tax, calling it a threat to U.S. interests. Canada withdrew the tax to restart negotiations. Broader global tax reform remains uncertain, as key international agreements face political hurdles.

Moments of Impact

Smith faculty are shaping policy, business and society through influential research and public service. From AI and insurance reform to pay equity and public pensions, they’re winning top awards and earning national recognition for impact and innovation across disciplines.

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses

An AI analyst trained to digest corporate disclosures, industry trends, and macroeconomic indicators surpasses most analysts in stock return predictions. Nevertheless, humans win “Man vs. Machine” when institutional knowledge is crucial, e.g., involving intangible assets and financial distress. AI wins when information is transparent but voluminous. Humans provide significant incremental value in “Man + Machine”, which also substantially reduces extreme errors. Analysts catch up with machines after “alternative data” become available if their employers build AI capabilities.

EPA Scrutiny and Voluntary Environmental Disclosures

Market participants have called on the SEC to address the lack of disclosures about firms’ environmental impacts, investments, and exposures. However, the frictions that obstruct the flow of environmental information are not well understood. I shed light on these frictions by examining whether scrutiny by the Environmental Protection Agency (EPA) restricts the firm’s voluntary environmental disclosures in earnings conference calls.

TerpTax: A Guide to NIL Taxes

NIL deals offer student-athletes new income—but also tax obligations. Smith lecturer Samuel Handwerger explains how earnings are taxed, what to watch for, and why planning, record-keeping and resources like TerpTax are key to staying financially and legally safe.