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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

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

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

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

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

The European Commission - Appointment, Preferences and Institutional Relations

Napel, Stefan; Widgrén, Mika - C.E.P.R. Discussion Papers - 2006

The paper analyses the appointment of the European Commission as a strategic game between members of the EU's Council of Ministers and the European Parliament. The focal equilibrium results in Commissioners that duplicate policy preferences of national Council representatives. Different internal...

Persistent link: https://www.econbiz.de/10005136464

Political Conflict and Power-Sharing in the Origins of Modern Colombia

Mazzuca, Sebastián L; Robinson, James A - C.E.P.R. Discussion Papers - 2006

representation (PR), was the desire of the Conservative and Liberal parties to come up with a way of credibly dividing power to avoid … problem with majoritarian electoral institutions was that they did not allocate power in a way which matched the support of … with the rising support for socialism and the desire to divide power more broadly. Our findings shed new light on the …

Persistent link: https://www.econbiz.de/10005114374

Towards a Legal Theory of Finance

Pistor, Katharina - C.E.P.R. Discussion Papers - 2012

where the survival of the system is at stake; that is, at its core. Here, power becomes salient. This helps explain why …

Persistent link: https://www.econbiz.de/10011084310

Macroprudential policy and central bank communication

Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010

supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such … communication will affect financial markets, exploiting the fact that many central banks have had some financial stability role in … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …

Persistent link: https://www.econbiz.de/10008692311

Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey

Canova, Fabio; Favero, Carlo A. - C.E.P.R. Discussion Papers - 2005

We examine monetary policy in the euro area from both theoretical and empirical perspectives. We discuss what theory tells us the strategy of Central banks should be and contrasts it with the one employed by the ECB. We review accomplishments (and failures) of monetary policy in the euro area...

Persistent link: https://www.econbiz.de/10005791458