No concept of corporate management has spread as quickly in global business practice as the Balanced Scorecard (BSC) by Robert S. Kaplan and David P. Norton. This discussion paper examines its origins, theoretical foundation, practical distribution and key points of criticism in the literature a...

More and more firms tend nowadays to adopt environment-friendly attitudes. Their motivation originates in local environmental regulations or requirements of foreign markets to which firms export (both induced by consumers and investors' valuation of pro-environment initiatives). There is a...

We consider an industry with firms that produce a final good emitting pollution to different degree as a side effect. Pollution is regulated by a tradable quota system where some quotas may have been allocated at the outset, i.e. before the quota market is opened. We study how volatility in...