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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

Corporate Social Responsibility and Managerial Entrenchment

Cespa, Giovanni; Cestone, Giacinta - C.E.P.R. Discussion Papers - 2004

provides a rationale for the emergence of specialized institutions (social auditors and ethic indexes) that help firms commit …

Persistent link: https://www.econbiz.de/10005504332

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

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

Predicting recoveries and the importance of using enough information

Cai, Xiaoming; Den Haan, Wouter - C.E.P.R. Discussion Papers - 2009

Several papers that make forecasts about the long-term impact of the current financial crisis rely on models in which there is only one type of financial crisis. These models tend to predict that the current crisis will have long lasting negative effects on economic growth. This paper points out...

Persistent link: https://www.econbiz.de/10008477182

Globalization and Business Cycle Transmission

Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008

separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …

Persistent link: https://www.econbiz.de/10005792022

Rare Events, Financial Crises, and the Cross-Section of Asset Returns

Bianchi, Francesco - C.E.P.R. Discussion Papers - 2015

Similarities between the Great Depression and the Great Recession are documented with respect to the behavior of financial markets. A Great Depression regime is identified by using a Markov-switching VAR. The probability of this regime has remained close to zero for many decades, but spiked for...

Persistent link: https://www.econbiz.de/10011213314

Sovereign Debt and Structural Reforms

Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015

Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...

Persistent link: https://www.econbiz.de/10011276380

What Explains the German Labor Market Miracle in the Great Recession?

Burda, Michael C; Hunt, Jennifer - C.E.P.R. Discussion Papers - 2011

Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers’ reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to...

Persistent link: https://www.econbiz.de/10009246610

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