The bottom up pressure of "concerned" consumers and the rise of "socially responsible" products represents a new market mechanism to fight inequality and promote social inclusion. To analyse the new phenomenon of competition in corporate social responsibility (CSR) amid doubts on consumer tastes...

In our model of ethical product differentiation two duopolists, a profit maximizing producer (PMP) and a "socially responsible" (SR) producer, compete over prices and "socially and environmentally responsible" features of their products. We show that the PMP finds it optimal to reduce his price...

We outline a model in which preservation of UNESCO heritage sites is analyzed as a classical global public good problem where the decentralized Nash equilibrium yields suboptimal contribution vis-à-vis the Social Planner equilibrium. The absence of a Global Social Planner and the need of...

The controversy over whether investment-cash flow sensitivity is a good indicator of financing constraints is still unresolved. We tackle it from several different angles and cross-validate our analysis with both balance sheet and qualitative data on self-declared credit rationing and financing...

The paper analyzes the relationship between stock prices and fundamentals for a large sample of US stocks in the last ten years using a random coefficient model. Heterogeneity and omitted variable bias are properly taken into account with model coefficients being allowed to vary across time and...

We study the determinants of collateralisation on the universe of credit files of non individual borrowers in a quot;Grameen's typequot; Bank (Banca Popolare Etica) which aims to reconcile eeconomic sustainability with the pursuit of social goals.The extremely high share of uncollateralized...

The paper investigates the reaction of the Federal Reserve to developments in the stock market. The issue is analyzed by first constructing an Index of Stock Price Misalignement in which the fundamental value of the stocks is computed on the basis of the discounted cash flow approach and by then...

In today's global economy, corporate social responsibility (CSR) is a core component of corporate strategy. Due in part to financial scandals, losses, and the diminished reputation of the affected listed companies, CRS is emerging as a crucial instrument for minimizing conflicts with...