When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become …

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 percentage points higher than low-CSR firms, all else equal. In contrast …, we find no difference in returns between high- and low-CSR firms either before or after the crisis. During the crisis …

(CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk …' expenditure share on CSR goods is small. We find supporting evidence for our predictions. In our empirical tests, we address a … potential endogeneity problem by instrumenting CSR using data on the political affiliation of the firm's home state, and data on …

much the forecast would change relative to the baseline forecast under alternative scenarios about future oil demand and … evaluating the risks underlying these forecasts. We show how policy-relevant forecast scenarios can be constructed from recently … to these scenarios affect the upside and downside risks embodied in the baseline real-time oil price forecast. Such risk …