A large literature documents a positive correlation between a firm's sustainability or ESG policies and firm value. However, the exact mechanism through which this relation arises remains ambiguous and it is often hard to establish the direction of causation. In this paper we propose and test...

Vertical restraints have been subject of lively policy and academic discussions. Scholars associated with the Chicago School challenged early foreclosure doctrines by arguing that vertical restraints primarily reflected efficiency considerations. More recently, industrial organization economists...