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The Impact of Corporate Sustainability on Organizational Processes and Performance
Eccles, Robert G. - 2012
We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched … sample of 180 US companies, we find that corporations that voluntarily adopted sustainability policies by 1993 - termed as … High Sustainability companies - exhibit by 2009 distinct organizational processes compared to a matched sample of companies …
Persistent link: https://www.econbiz.de/10013108252
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Going Green in China : Firms’ Responses to Stricter Environmental Regulations
Fan, Haichao - 2019
This paper examines the effect of stringent environmental regulations on firms' environmental practices, economic performance, and environmental innovation. Reducing COD levels by 10% relative to 2005 levels is an aim of the Chinese 11th Five-Year Plan. Using a difference-in-differences...
Persistent link: https://www.econbiz.de/10012858024
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Uncertainty Business Cycles - Really?
Bachmann, Ruediger - 2011
Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within the framework of a heterogeneous-firm dynamic stochastic general equilibrium model with fixed capital adjustment costs. In such a model, surprise increases of risk lead to a...
Persistent link: https://www.econbiz.de/10013128887
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The Cross-Section of Hurdle Rates for Capital Budgeting : An Empirical Analysis of Survey Data
Jagannathan, Ravi - 2011
Whereas Poterba and Summers (1995) find that firms use hurdle rates that are unrelated to their CAPM betas, Graham and Harvey (2001) find that 74% of their survey firms use the CAPM for capital budgeting. We provide an explanation for these two apparently contradictory conclusions. We find that...
Persistent link: https://www.econbiz.de/10013130550
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International Trade, Offshoring and Heterogeneous Firms
Baldwin, Richard - 2011
Recent trade models determine the equilibrium distribution of firm-level efficiency endogenously and show that freer trade shifts the distribution towards higher average productivity due to entry and exit of firms. These models ignore the possibility that freer trade also alters the firm-size...
Persistent link: https://www.econbiz.de/10013131680
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V. - 2010
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10013136743
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A Litner Model of Payout and Managerial Rents
Lambrecht, Bart M. - 2010
We develop a dynamic agency model where payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout in order to smooth their flow of rents. Total payout (dividends plus...
Persistent link: https://www.econbiz.de/10013139901
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On the International Transmission of Shocks : Micro-Evidence from Mutual Fund Portfolios
Raddatz, Claudio E. - 2011
This paper uses micro-level data on mutual funds from different financial centers investing in equity and bonds to study how investors and managers behave and transmit shocks across countries. The paper finds that the volatility of mutual fund investments is driven quantitatively by both the...
Persistent link: https://www.econbiz.de/10013121028
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Performance Evaluation of Zero Net-Investment Strategies
Jorda, Oscar - 2011
This paper introduces new nonparametric statistical methods to evaluate zero-cost investment strategies. We focus on directional trading strategies, risk-adjusted returns, and the investor's decisions under uncertainty as the core of our analysis. By relying on classification tools with a long...
Persistent link: https://www.econbiz.de/10013123682
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Dividends as Reference Points : A Behavioral Signaling Approach
Baker, Malcolm P. - 2012
We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior dividends. Managers with strong but unobservable cash earnings separate themselves by paying high...
Persistent link: https://www.econbiz.de/10013103531