-
作者：Rodemeier, Matthias
作者单位：Bocconi University
摘要：This paper estimates willingness to pay (WTP) for carbon mitigation from demand for carbon offsets in a field experiment with an online supermarket. The experiment randomizes whether the firm subsidizes the price of the offset or matches the offset's impact on carbon mitigation. Consumers are price-elastic but fully impact-inelastic, implying that they buy the offset but their WTP for the carbon it mitigates is zero. If the firm informs consumers that it contributes to the offset costs, WTP in...
-
作者：Lowry, Michelle; Wang, Pingle; Wei, Kelsey D.
作者单位：Drexel University; University of Texas System; University of Texas Dallas
摘要：Environmental, social, and governance (ESG) funds have heterogeneous incentives to engage with portfolio firms. If funds view ESG as a value driver, then these incentives will affect funds' behavior and thus their impact on firms. We compare ESG funds with similar levels of ESG investments but different incentives to engage. Funds with higher incentives to engage, that is, committed ESG funds, conduct more ESG-related information acquisition, pursue longer term investment strategies, engage mo...
-
作者：Cabezon, Felipe; Hoberg, Gerard
作者单位：Virginia Polytechnic Institute & State University; University of Southern California
摘要：We first document that, despite potential legal issues, overlapping directors are surprisingly prevalent among direct competitors. Using panel data regressions and plausibly exogenous shocks, we find that competing firms in markets with dense overlapping-director networks experience innovation herding, lose product differentiation, and, ultimately, perform poorly. Novel text-based network propagation tests of technologies show that intellectual property leakage plays a role as firms with dense...
-
作者：Li, Kai; Mai, Feng; Shen, Rui; Yang, Chelsea; Zhang, Tengfei
作者单位：University of British Columbia; University of Iowa; The Chinese University of Hong Kong, Shenzhen; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We conduct the first large-scale study of how different stakeholder groups assess corporate culture and quantify the economic implications of those differences. We employ generative AI to analyze analyst reports, call transcripts, and employee reviews, and organize the
-
作者：Gupta, Deeksha; Kopytov, Alexandr; Starmans, Jan
作者单位：Johns Hopkins University; University of Rochester; Stockholm School of Economics
摘要：We show that socially responsible investors can have a negative impact by slowing the pace of firm reform. Investors with broad prosocial preferences value acquiring dirty firms with high negative production externalities because they can reform these firms. The anticipation of trading gains for dirty firms decreases the incentive of current firm owners to reduce externalities proactively, potentially causing delay in reform. The presence of financial investors-alongside socially responsible i...
-
作者：Babenko, Ilona; Bennett, Benjamin; Sen, Rik
作者单位：Arizona State University; Texas Christian University; University System of Georgia; University of Georgia; University of New South Wales Sydney
摘要：This paper examines CEO pay at nonprofits. Using compensation data for 14,111 nonprofits, we find that CEO pay dropped by 2% after legislation in New York reduced CEOs' ability to influence their own pay. Despite lower pay, CEOs exerted more effort, and nonprofit performance improved. The effects were stronger at commercial nonprofits than at charities and for male CEOs than female CEOs. These findings are consistent with a model where some nonprofit CEOs derive meaning from their work and com...
-
作者：Rodemeier, Matthias
作者单位：Bocconi University
摘要：This paper estimates willingness to pay (WTP) for carbon mitigation from demand for carbon offsets in a field experiment with an online supermarket. The experiment randomizes whether the firm subsidizes the price of the offset or matches the offset's impact on carbon mitigation. Consumers are price-elastic but fully impact-inelastic, implying that they buy the offset but their WTP for the carbon it mitigates is zero. If the firm informs consumers that it contributes to the offset costs, WTP in...
-
作者：Lowry, Michelle; Wang, Pingle; Wei, Kelsey D.
作者单位：Drexel University; University of Texas System; University of Texas Dallas
摘要：Environmental, social, and governance (ESG) funds have heterogeneous incentives to engage with portfolio firms. If funds view ESG as a value driver, then these incentives will affect funds' behavior and thus their impact on firms. We compare ESG funds with similar levels of ESG investments but different incentives to engage. Funds with higher incentives to engage, that is, committed ESG funds, conduct more ESG-related information acquisition, pursue longer term investment strategies, engage mo...
-
作者：Cabezon, Felipe; Hoberg, Gerard
作者单位：Virginia Polytechnic Institute & State University; University of Southern California
摘要：We first document that, despite potential legal issues, overlapping directors are surprisingly prevalent among direct competitors. Using panel data regressions and plausibly exogenous shocks, we find that competing firms in markets with dense overlapping-director networks experience innovation herding, lose product differentiation, and, ultimately, perform poorly. Novel text-based network propagation tests of technologies show that intellectual property leakage plays a role as firms with dense...
-
作者：Li, Kai; Mai, Feng; Shen, Rui; Yang, Chelsea; Zhang, Tengfei
作者单位：University of British Columbia; University of Iowa; The Chinese University of Hong Kong, Shenzhen; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We conduct the first large-scale study of how different stakeholder groups assess corporate culture and quantify the economic implications of those differences. We employ generative AI to analyze analyst reports, call transcripts, and employee reviews, and organize the
