In our model, an agent produces an outcome by a costly effort and then distributes it among heterogeneous users. The agents̕ payoff is the weighted sum of the users ̕shares and the coefficient reflecting their heterogeneity. When the agent neglects users ̕heterogeneity the game leads to an...

This article analyzes how the actual and expected future activities of French Socially Responsible Investment (SRI) analysts may reveal a convergence process between SRI decisions and traditional financial investment decisions, that is a form of “mainstreaming” of SRI processes, by asking...

This article examines the activities of teams of socially responsible investment (SRI) analysts in France. The goal is to identify a potential convergence between conventional and SRI asset management through a detailed study of the tasks and the positioning of teams within the industry. The...

Socially responsible investment (SRI) in France is based on a “best in class” approach as opposed to the “exclusion” approaches used in other countries such as the United States or United Kingdom, where the rejection of sin stocks has been dominant historically. The objective of this...

The theory presented in this paper models a dynamic interaction between reputation and underwriting pressure in analyst research. We examine how these conflicting incentives affect the analysts' forecasts strategy and how investment banks may design compensation contracts that induce their...