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Corporate Social Responsability and Managerial Entrenchment

Cespa, Giovanni; Cestone, Giacinta - Barcelona Graduate School of Economics (Barcelona GSE) - 2004

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased by the institutionalization of stakeholder...

Persistent link: https://www.econbiz.de/10010547121

Personal Relations and their Effect on Behavior in an Organizational Setting: An Experimental Study

Brandts, Jordi; Solà, Carles - Barcelona Graduate School of Economics (Barcelona GSE) - 2006

We study how personal relations affect performance in organizations. In the experimental game we use a manager has to assign different degrees of decision power to two employees. These two employees then have to make distributive decisions which affect themselves and the manager. Our focus is on...

Persistent link: https://www.econbiz.de/10010547529

Corporate Governance and Corporate Social Performance: The Influence of Boards, Ownership and Institutions

Desender, Kurt A.; Epure, Mircea - Barcelona Graduate School of Economics (Barcelona GSE) - 2015

We systematically analyze how variations in board independence and ownership concentration and type affect corporate social performance (CSP). Drawing from the agency and stakeholder perspectives, we argue that recognizing differences in the distribution of costs and benefits to shareholders and...

Persistent link: https://www.econbiz.de/10011188509

Risk Sharing with the Monarch: Excusable Defaults and Contingent Debt in the Age of Philip II, 1556-1598

Drelichman, Mauricio; Voth, Hans-Joachim - Barcelona Graduate School of Economics (Barcelona GSE) - 2012

Contingent sovereign debt can create important welfare gains. Nonetheless, there is almost no issuance today. Using hand-collected archival data, we examine the first known case of large-scale use of state-contingent sovereign debt in history. Philip II of Spain entered into hundreds of...

Persistent link: https://www.econbiz.de/10010851380

The Network Origins of Aggregate Fluctuations

Acemoglu, Daron; Carvalho, Vasco; Ozdaglar, Asuman; … - Barcelona Graduate School of Economics (Barcelona GSE) - 2011

This paper argues that in the presence of intersectoral input-output linkages, microeconomic idiosyncratic shocks may lead to aggregate fluctuations. In particular, it shows that, as the economy becomes more disaggregated, the rate at which aggregate volatility decays is determined by the...

Persistent link: https://www.econbiz.de/10010851431

Bank Size, Risk Diversification and Money Markets

Mendizábal, Hugo Rodríguez - Barcelona Graduate School of Economics (Barcelona GSE) - 2014

This paper presents a theoretical model based on risk diversification to rationalize the observed dichotomy in the …

Persistent link: https://www.econbiz.de/10010950596

Marx's Analysis of the Falling Rate of Profit in the First Version of Volume III of Capital

Petith, Howard - Barcelona Graduate School of Economics (Barcelona GSE) - 2003

rate of profit must fall and even in the 1870s hoped to be able to provide a demonstration of this. However the main … conclusions are: 1. Marx's major attempt to show that the rate of profit must fall occurred in the general law section. 2. Part … III does not contain a demonstration that the rate of profit must fall. 3. Marx was never able to demonstrate that the …

Persistent link: https://www.econbiz.de/10010851376

Productivity at the Post: its Drivers and its Distribution

Grifell-Tatjé, Emili; Lovell, C. A. Knox - Barcelona Graduate School of Economics (Barcelona GSE) - 2005

We study the economic, financial and distributional performance of the United States Postal Service subsequent to its 1971 reorganization. We investigate the economic sources of productivity change, (technical change, change in cost efficiency, and scale economies), and the distribution of the...

Persistent link: https://www.econbiz.de/10010851428

Government Information Transparency

Albornoz, Facundo; Esteban, Joan; Vanin, Paolo - Barcelona Graduate School of Economics (Barcelona GSE) - 2009

This paper studies a model of announcements by a privately informed government about the future state of the economic activity in an economy subject to recurrent shocks and with distortions due to income taxation. Although transparent communication would ex ante be desirable, we find that even a...

Persistent link: https://www.econbiz.de/10010851347

The Political Cost of Reforms

Bonfiglioli, Alessandra; Gancia, Gino - Barcelona Graduate School of Economics (Barcelona GSE) - 2010

This paper formalizes in a fully-rational model the popular idea that politicians perceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments are not punished by voters. To do so, it proposes a model of elections where...

Persistent link: https://www.econbiz.de/10010547124