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The Other Side of Value : Good Growth and the Gross Profitability Premium
Novy-Marx, Robert - 2010
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...
Persistent link: https://www.econbiz.de/10012462711
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Nearly Optimal Pricing for Multiproduct Firms
Chu, Chenghuan Sean - 2008
In principle, a multiproduct firm can set separate prices for all possible bundled combinations of its products (i.e., "mixed bundling"). However, this is impractical for firms with more than a few products, because the number of prices increases exponentially with the number of products. In...
Persistent link: https://www.econbiz.de/10012464731
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Technology, Information and the Decentralization of the Firm
Acemoglu, Daron - 2006
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her...
Persistent link: https://www.econbiz.de/10012466463
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Do Pollution Markets Harm Low Income and Minority Communities? Ranking Emissions Distributions Generated by California's RECLAIM Program
Mansur, Erin T. - 2019
We compare the spatial distribution of emissions from Southern California's pollution-trading program with that of a …
Persistent link: https://www.econbiz.de/10012479617
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Output and Attribute-Based Carbon Regulation Under Uncertainty
Kellogg, Ryan - 2019
Output-based carbon regulations--such as fuel economy standards and the rate-based standards in the Clean Power Plan--create well-known incentives to inefficiently increase output. Similar distortions are created by attribute-based regulations. This paper demonstrates that, despite these...
Persistent link: https://www.econbiz.de/10012480118
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Do Environmental Markets Cause Environmental Injustice? Evidence from California’s Carbon Market
Hernandez-Cortes, Danae - 2020
growing distributional concern that market forces could increase the pollution exposure gap between disadvantaged and other … communities by spatially reallocating pollution. We estimate how this "environmental justice gap" changed following the 2013 … critiques. Embedding a pollution transport model within a program evaluation framework, we find that while the EJ gap was …
Persistent link: https://www.econbiz.de/10012481788
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GHG Targets as Insurance Against Catastrophic Climate Damages
Weitzman, Martin L. - 2010
A critical issue in climate-change economics is the specification of the so-called "damages function" and its interaction with the unknown uncertainty of catastrophic outcomes. This paper asks how much we might be misled by our economic assessment of climate change when we employ a conventional...
Persistent link: https://www.econbiz.de/10012462520
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Optimal Emission Pricing in the Presence of International Spillovers : Decomposing Leakage and Terms-of-Trade Motives
Böhringer, Christoph - 2010
Carbon control policies in OECD countries commonly differentiate emission prices in favor of energy-intensive industries. While leakage provides a efficiency argument for differential emission pricing, the latter may be a disguised beggar-thy-neighbor policy to exploit terms of trade. Using an...
Persistent link: https://www.econbiz.de/10012462752
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Explaining the Price of Voluntary Carbon Offsets
Conte, Marc N. - 2009
This paper investigates factors that explain the large variability in the price of voluntary carbon offsets. We estimate hedonic price functions using a variety of provider- and project-level characteristics as explanatory variables. We find that providers located in Europe sell offsets at...
Persistent link: https://www.econbiz.de/10012463356
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Greenhouse Gas Reductions under Low Carbon Fuel Standards?
Holland, Stephen P. - 2007
A low carbon fuel standard (LCFS) seeks to reduce greenhouse gas emissions by limiting a fuel producer's carbon emissions per unit of output. California has launched an LCFS for transportation fuels; others have called for a national LCFS. We show that this policy decreases production of...
Persistent link: https://www.econbiz.de/10012465385