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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
to stakeholder protection even in case of managerial replacement. Our theory also explains a recent trend whereby social …
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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Fiscal targets. A guide to forecasters?
Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011272708
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Forecasting the Price of Oil
Alquist, Ron; Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2011
We address some of the key questions that arise in forecasting the price of crude oil. What do applied forecasters need … gains in out-of-sample forecast accuracy compared with conventional no-change forecasts? How useful are oil futures markets … in forecasting the price of oil? How useful are survey forecasts? How does one evaluate the sensitivity of a baseline oil …
Persistent link: https://www.econbiz.de/10009643504
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The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester C W; … - C.E.P.R. Discussion Papers - 2009
finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …
Persistent link: https://www.econbiz.de/10008458290
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The Term Structure of Forward Exchange Premia and the Forecastability of Spot Exchange Rates: Correcting the Errors
Clarida, Richard; Taylor, Mark P - C.E.P.R. Discussion Papers - 1993
squared forecast error for the spot rate (relative to a random walk forecast) by at least 33% at a six-month horizon and by …
Persistent link: https://www.econbiz.de/10005662140
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Prediction Markets in Theory and Practice
Wolfers, Justin; Zitzewitz, Eric - C.E.P.R. Discussion Papers - 2006
Prediction Markets, sometimes referred to as 'information markets', 'idea futures' or 'event futures', are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as market-aggregated forecasts. This article summarizes...
Persistent link: https://www.econbiz.de/10005662203