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Chicken and Egg: Competing Matchmakers
Caillaud, Bernard; Jullien, Bruno - C.E.P.R. Discussion Papers - 2001
We examine a Bertrand competition game between two intermediaries offering matching services between two sides of a … intermediation on the Internet by allowing registration and transaction prices, and multiple registration. When only registration … that are contingent on successful matching or the possibility of registration with two intermediaries drastically reduces …
Persistent link: https://www.econbiz.de/10005136667
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Intermediation in Innovation
Hoppe, Heidrun C.; Ozdenoren, Emre - C.E.P.R. Discussion Papers - 2005
inventions. We find that uncertainty about the profitability of investing in new inventions generates a basis for intermediation … of intermediation in innovation. …
Persistent link: https://www.econbiz.de/10005498006
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Corporate Social Responsibility and Managerial Entrenchment
Cespa, Giovanni; Cestone, Giacinta - C.E.P.R. Discussion Papers - 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/10005504332
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Social Capital, Trust, and Firm Performance during the Financial Crisis
Lins, Karl; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2015
We study the extent to which a firm’s social capital, as measured by the intensity of a firm’s corporate social responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have crisis-period stock returns that are four to five...
Persistent link: https://www.econbiz.de/10011165644
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Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World
Edmans, Alex; Li, Lucius; Zhang, Chendi - C.E.P.R. Discussion Papers - 2014
We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market...
Persistent link: https://www.econbiz.de/10011083605
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Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
Albuquerque, Rui; Durnev, Artyom; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2013
This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk and increases firm value. These effects are stronger...
Persistent link: https://www.econbiz.de/10011083749
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Voluntary Corporate Environmental Initiatives and Shareholder Wealth
Fisher-Vanden, Karen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2008
Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...
Persistent link: https://www.econbiz.de/10005662265
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Intra-firm Trade and Product Contractibility
Bernard, Andrew B.; Jensen, J Bradford; Redding, Stephen J. - C.E.P.R. Discussion Papers - 2010
a new measure of product contractibility based on the degree of intermediation in international trade for the product …
Persistent link: https://www.econbiz.de/10008554230
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Development Uncorked: Reputation Acquisition in the New Market for Chilean Wines in the UK
Macchiavello, Rocco - C.E.P.R. Discussion Papers - 2010
This paper studies learning effects in new markets using a panel of relationships between Chilean wineries and distributors in the UK. Controlling for winery, distributors and time effects, FOB prices increase by at least three percent with every additional year in a relationship while export...
Persistent link: https://www.econbiz.de/10008468665
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Intermediation and Economic Integration
Antràs, Pol; Costinot, Arnaud - C.E.P.R. Discussion Papers - 2010
have developed a stylized but explicit model of intermediation in trade. In this short paper, we present a variant of this …
Persistent link: https://www.econbiz.de/10008468682