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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

stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations …

Persistent link: https://www.econbiz.de/10011165644

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 … increased by the institutionalization of stakeholder protection depriving incumbent CEOs of activists’ support. This finding … 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

Network Dynamics and Knowledge Transfer in Virtual Organizations: Overcoming the Liability of Dispersion

Gandal, Neil; Stettner, Uriel - C.E.P.R. Discussion Papers - 2014

Product development within and across community-based and geographically dispersed virtual organizations is becoming an increasingly important mechanism through which individual knowledge holders create and disseminate knowledge in joint efforts to generate products. Without the benefits of...

Persistent link: https://www.econbiz.de/10011083814

On the connection between intra-temporal and intertemporal trade

Ju, Jiandong; Shi, Kang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

Sticky (or slow-adjusting) current accounts are observed for many countries. This paper explores the role of domestic factor market flexibility in understanding the phenomenon. To do so, we consider multiple tradable sectors with different factor intensities and allow substitution between...

Persistent link: https://www.econbiz.de/10011083600

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

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

Relational Contracts and Competitive Screening

Calzolari, Giacomo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2009

We study the tension between competitive screening and contract enforcement where a principal trades repeatedly with one among several agents, moral hazard and adverse selection coexist, and non-contractible dimensions are governed by relational contracting. We simultaneously characterize...

Persistent link: https://www.econbiz.de/10005082534

International Cooperation and Reputation in an Empirical Two-Bloc Model

Currie, David; Levine, Paul L; Vidalis, Nic - C.E.P.R. Discussion Papers - 1987

. To realize the gains from international cooperation requires reputation; and to realize the gains from reputation … requires cooperation. Moreover, cooperative policies with reputation are found to be sustainable; and the joint gains from … cooperation and reputation are found to be considerable. …

Persistent link: https://www.econbiz.de/10005662252

Fiscal Policy Coordination and EMU: A Dynamic Game Approach

Brociner, Andrew; Levine, Paul L - C.E.P.R. Discussion Papers - 1992

This paper considers fiscal policy coordination in a European Economic and Monetary Union (EMU). We use an overlapping generations model which leads to departures from Barro-Ricardian neutrality. In our calibrated model, however, we find these departures to be rather small. Two models are...

Persistent link: https://www.econbiz.de/10005662412

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