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Monetary Policy and Credit in China: A Theoretical Analysis
Dixon, Huw David - C.E.P.R. Discussion Papers - 1998
A three-sector macromodel of China’s economy is developed, in which the activity of state-owned enterprises (SOEs) is … constrained by the state-imposed credit plan for working capital. Our analysis indicates the weakness of credit control and … device. The existence of credit and currency controls tends to make devaluation contractionary. Furthermore, because of …
Persistent link: https://www.econbiz.de/10005661445
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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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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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Imperfect Market Monitoring and SOES Trading
Foucault, Thierry; Röell, Ailsa A; Sandås, Patrik - C.E.P.R. Discussion Papers - 1999
We develop a model of price formation in a dealership market where monitoring of the information flow requires costly effort. The result is imperfect monitoring, which creates profit opportunities for speculators, who do not act as dealers but simply monitor the information flow and quote...
Persistent link: https://www.econbiz.de/10005791723
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011
Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank transactions, such … leveraged banks’ precautionary demand for liquidity. When adverse asset shocks materialize, a bank’s ability to roll over debt … is impaired because of agency problems associated with high leverage. In turn, a bank’s propensity to hoard liquidity is …
Persistent link: https://www.econbiz.de/10009385771
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Relational Warm Glow and Giving in Social Groups
Scharf, Kimberley; Smith, Sarah - C.E.P.R. Discussion Papers - 2014
We study charitable giving within social groups. Exploiting a unique dataset, we establish three key relationships between social group size and fundraising outcomes: (i) a positive relationship between group size and the total number of donations; (ii) a negative relationship between group size...
Persistent link: https://www.econbiz.de/10011084626
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Working in Public and Private Firms
Corneo, Giacomo; Rob, Rafael - C.E.P.R. Discussion Papers - 2001
We develop a theoretical framework for comparing the style of work in public and private enterprises. We incorporate ‘socializing’, as an activity that yields utility for workers and affects a firm’s output, into a simple multitask model of work organization. In contrast with previous...
Persistent link: https://www.econbiz.de/10005791698