In many situations, one party can monitor a second party and chooses how much monitoring to do. However, in many of these situations, monitoring by other parties can (imperfectly) substitute for monitoring by the first party. As a result, the first party may attempt to "free ride" on the...

Engaging in environmentally friendly practices and then informing the public through advertising or on the product packaging is known as ecolabeling. In this paper, we examine how effective this type of competition among firms is as a means of privately providing a public good (environmental...

We model firms as competing for socially responsible consumers by linking the provision of a public good (environmentally friendly or socially responsible activities) to sales of their private goods. In many cases, too little of the public good is provided but under certain conditions,...

This study investigates whether analysts who pay attention to investor sentiment issue more or less profitable stock recommendations than their peers. We find that analysts whose stock recommendations are positively correlated with recent or future investor sentiment tend to issue relatively...