P rogressive corporations have invested in increasingly ambitious sustainability initiatives. While environmental investments are welcome by society, managers need to identify the circumstances favoring the generation of both public benefits and corporate profits. For some firms, better utilization of resources may pay-off as environmentrelated investments. For others, obtaining ISO 14001 certi...

This paper proposes a new scheme of personal income taxation that would eliminate inefficiencies arising from differences in the tax treatment of investments in intangible human capital and other types of capital formation. It also would offset the exacerbation of those distortions due to progressive income taxation, without requiring the latter’s abandonment. The tax regime proposed here would...

In an environment in which both buyers and sellers can undertake match specific investments, the presence of market competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In particular, this paper shows that when matching is assortative and sellers‘ investments precede market competition then investments are constrained eff...

The efficacy, quality, responsiveness, and value of healthcare services provided is increasingly attracting the attention and the questioning of governments, payers, patients, and healthcare providers. Investments on integration technologies and integration of supply chain processes, has been considered as a way towards removing inefficiencies in the sector. This chapter aims to initially provi...

Do investors making complementary investments face the correct incen­ tives, especially when they cannot contract with each other prior to their de­ cisions? We present a two-sided matching model in which buyers and sellers make investments prior to matching. Once matched, buyer and seller bar­ gain over the price, taking into account outside options. Efficient decisions can always be sustained...

The holdup problem arises when parties negotiate to divide the surplus generated by their relationship specific investments. We study this problem in a dynamic model of bargaining and investment which, unlike the stylized static model, allows the parties to continue to invest until they agree on the terms of trade. The investment dynamics overturns the conventional wisdom dramatically. First, t...

Using point-in-time accounting data, we estimate monthly fair values of 25,000+ stocks from 36 countries. A trading strategy based on deviations value earns significant risk-adjusted returns (“alpha”) in most regions, especially Asia-Pacific, that are unrelated to known anomalies. The strategy's 40–70 basis point per month alpha difference between emerging and developed markets contrast with pr...