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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

Corporate Efficiency in Europe

Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...

Persistent link: https://www.econbiz.de/10011213309

Buyers' Coordination and Entry

Fumagalli, Chiara; Motta, Massimo - C.E.P.R. Discussion Papers - 2001

Miscoordination of buyers might prevent entry in an industry with an incumbent and a more efficient potential entrant. Buyers' power therefore favours entry by eliminating coordination problems. We also identify a mechanism which facilitates entry: if the potential entrant could credibly offer...

Persistent link: https://www.econbiz.de/10005789109

Competition When Consumers Have Switching Costs: An Overview

Klemperer, Paul - C.E.P.R. Discussion Papers - 1992

This paper surveys recent work on competition in markets in which consumers face costs to switching between competing firms' products, even when all firms' products are functionally identical. I address issues in macroeconomics, international trade and industrial organization: In a market with...

Persistent link: https://www.econbiz.de/10005123734

The Doubtful Profitability of Foggy Pricing

Miravete, Eugenio J - C.E.P.R. Discussion Papers - 2007

A particular tariff option is said to be foggy when another option or a combination of other tariff options offered by the same firm is always less expensive regardless of the usage profile of any customer. Alternatively, tariff fogginess may refer to the whole set of tariff options and it is...

Persistent link: https://www.econbiz.de/10005123743

Competing with Menus of Tariff Options

Miravete, Eugenio J - C.E.P.R. Discussion Papers - 2007

I study how firms actually compete in nonlinear tariffs by analyzing whether the incumbent and entrant's decisions to offer a given number of tariff options are interrelated. The goal is to shed some light on those dynamic and strategic aspects of tariff menus that are currently ignored by...

Persistent link: https://www.econbiz.de/10005123929

How does corporate governance affect bank capitalization strategies?

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; … - C.E.P.R. Discussion Papers - 2013

This paper examines how corporate governance and executive compensation affect bank capitalization strategies for an … to give rise to lower bank capitalization. Boards of intermediate size, separation of the CEO and chairman roles, and an … absence of anti-takeover provisions, in particular, lead to low bank capitalization. However, executive options and stock …

Persistent link: https://www.econbiz.de/10011083556

Corporate Governance and Bank Insolvency Risk: International Evidence

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; … - C.E.P.R. Discussion Papers - 2014

This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as …-2008 period. Banks are special in that ‘good’ corporate governance increases bank insolvency risk relatively more for banks that … capital ratio. Furthermore, ‘good’ corporate governance is associated with more bank risk taking at times of rapid economic …

Persistent link: https://www.econbiz.de/10011084512

Thinking Creatively About Markets

Geroski, Paul A - C.E.P.R. Discussion Papers - 1997

Market definitions are an abstraction: they are useful only to the extent that they help us to organize the way we think about certain types of economic activity. This paper critically examines three different methods of identifying market boundaries, stressing the link between substantive...

Persistent link: https://www.econbiz.de/10005661765

The Choice of Honesty: An Experiment Regarding Heterogeneous Responses to Situational Social Norms

Gibson, Rajna; Tanner, Carmen; Wagner, Alexander F - C.E.P.R. Discussion Papers - 2014

We conduct a laboratory experiment in which we expose participants to situational social norms of approval or disapproval of lying. While participants on average conform to the situational pressure, the results highlight important differences in individual reactions. Situational norms crowd out...

Persistent link: https://www.econbiz.de/10011145452