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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

Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds

Joenväärä, Juha; Kosowski, Robert - C.E.P.R. Discussion Papers - 2015

We economically motivate and then test a range of hypotheses regarding performance and risk differences between UCITS-compliant and other hedge funds. The latter exhibit more suspicious return patterns than do absolute return UCITS (ARUs), but ARUs exhibit higher levels of operational risk. We...

Persistent link: https://www.econbiz.de/10011272713

Investment and capital structure of partially private regulated firms

Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011

We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...

Persistent link: https://www.econbiz.de/10009209829

When bigger isn’t better: Bail outs and bank behaviour

Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011

The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...

Persistent link: https://www.econbiz.de/10009320408

Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports

Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011

main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports … generally set higher aeronautical charges, and it appears that price-cap regulation and the presence of nearby airports do not …

Persistent link: https://www.econbiz.de/10009351519

Effects of Deregulation and Vertical Unbundling on the Performance of China's Electricity Generation Sector

Gao, Hang; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2011

We study whether the 2002 deregulation and vertical unbundling of the Chinese electricity sector has boosted productivity in the generation segment of the industry. Controlling explicitly for sources of price-heterogeneity across firms and for firm-fixed effects, we find deregulation to be...

Persistent link: https://www.econbiz.de/10009385757

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