This paper investigates the effect of environmental innovations on firm profitability with respect to differences between small and medium-sized (SME) and large (LE) enterprises. Using data from the Mannheim Innovation Panel (MIP) 2015, results show that, in general, SME benefit more from...

This paper aims at characterizing water demand by Brazilian manufacturing plants located in São Paulo and at assessing the potential impacts of environmental policies on industrial water use. We first show that the price elasticity of the water demand, -1.0 on average, is high enough for a...

Voluntary environmental management programs for firms have become an increasingly popular instrument of environmental policy. However, the literature’s conclusion on the effectiveness of such programs is ambiguous, and for the European region there is a lack of evidence based on a large...

A trend towards softer regulation, especially in the form of negotiated environmental agreements, is observable in national and international environmental policies. Such agreements are controversial, because there are fears that government will relinquish its responsibility for environmental...

In this paper we show that informational and real frictions in CDS markets strongly affect CDS premia. We derive this main finding using a proprietary set of individual CDS transactions cleared by the Depository Trust & Clearing Corporation. We first show that CDS traders adjust the CDS premium...

We analyze the optimal allocation of authority in an organization whose members have conflicting preferences. One party has decision-relevant private information, and the party who obtains authority decides in a self-interested way. As a novel element in the literature on decision rights, we...