Police departments located in states allowing payday lending report 14.34% more property crimes than the police departments located in states not allowing payday lending. I also find that the police departments located in counties bordering with states allowing payday lending report more property crimes. Those results are driven by the financial pressure induced by payday loans. Furthermore, the impact of payday lending concentrates in areas with a higher proportion of the minority population.Using a large sample over the period 1986 to 2017, we show that companies with higher exposure to climate change risk induced by sea-level rise (SLR) tend to acquire firms that are unlikely to be directly affected by SLR. We find that acquirers with higher SLR exposure experience significantly higher announcement-period abnormal stock returns. Post-merger, analyst forecasts become more accurate and environmental-related as well as overall ESG scores improve. In this paper, we examine the shareholder-creditor conflict’s effect on corporate hedging behavior. We use mergers between the firm’s shareholders and creditors as an exogenous shock and find a causal positive relation between reduced shareholder-creditor conflict and corporate hedging behavior. Specifically, we find that the treated firms who experience mergers between their shareholder and creditors are not only more likely to use financial instruments to hedge but also hedge more in terms of the notional value of the hedging contracts. In the cross-sectional test, we discover that the results are stronger for firms in financial distress.