CEGE - Working Papers / Preprints
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- Barriers to social innovationPublication . Mendes, Américo M. S. Carvalho; Batista, António; Fernandes, Liliana; Macedo, Palmira; Pinto, Filipe; Rebelo, Luis; Ribeiro, Marta; Sottomayor, Miguel; Tavares, Marisa; Verdelho, VítorA deliverable of the project: “The theoretical, empirical and policy foundations for building social innovation in Europe
- Why are incubators important for social innovation?Publication . Mendes, Américo M. S. Carvalho
- What should quality mean in social economy organisations?Publication . Mendes, Américo M. S. Carvalho
- Intermediaries to support social innovationPublication . Mendes, Américo M. S. Carvalho
- Five roles for participation to improve performance in social economy organisationsPublication . Mendes, Américo M. S. Carvalho
- The amazing geometry of price competition with quality dependent production costsPublication . Pires, Cesaltina Pacheco; Pinho, Joana; Jorge, Sílvia Ferreira; Catalão-Lopes, MargaridaThis paper provides a full characterization of price competition in a vertical differentiation model with quality dependent marginal production costs. For each vector of qualities, we determine the Nash equilibrium and show graphically the different market regions for different values of the lowest quality valuation parameter, which reveals an amazing geometry. Besides the classical cases of high-quality monopoly or duopoly with partial or full coverage, we show that, when the high-quality firm has a too high quality, the equilibrium is a low-quality monopoly. Moreover, for positive lowest quality valuation, there always exist interior and corner full coverage duopoly equilibria. On the contrary, partial coverage duopoly do not exist when the lowest consumers’ valuation of quality is high whereas high-quality monopoly are not possible for low values of lowest quality valuation. Our findings are the backbone of future analysis of quality choices and may be relevant for firms and policy makers.
- The Portuguese forests: country level report delivered to the EFFE Project: evaluating financing of forestry in EuropePublication . Mendes, Américo M. S. Carvalho; Feliciano, Diana; Tavares, Marisa; Dias, Rafael
- Organizações de economia social: o que as distingue e como podem ser sustentáveisPublication . Mendes, Américo M. S. Carvalho
- The pricing of sustainable syndicated loansPublication . Alves, Paulo; Gonçalo, Jorge; Pinto, João MThis paper provides a comparative analysis of sustainable and conventional syndicated loan spreads and pricing. Using a cross-section of 24,962 syndicated loan tranches closed between 2018 and 2022 in OECD countries, we show that sustainable and conventional loans are differently priced, spreads of sustainable versus conventional loans do not differ significantly, and banks rely on contractual, macroeconomic, bank syndicate structure, and borrowers’ characteristics when pricing sustainable tranches. At the deal-level, our results do not support the hypothesis of sustainable debt financing as a mechanism for reducing firms’ funding costs. We also find that economies of scale, institutional, and information asymmetry arguments affect firms’ choice between sustainable and conventional syndicated deals.
- Sustainable versus conventional bonds: a comparative analysis of primary market spreadsPublication . Pinto, João; Ribeiro, DivaThis paper offers a comparative analysis of the credit spreads and pricing of sustainable and conventional corporate bonds. Using a cross-section of 30,368 bonds issued by 8,267 nonfinancial firms globally between 2012 and 2022, we find that sustainable and conventional bonds react differently to common pricing factors. Notably, investors rely less on credit ratings when pricing sustainable bonds compared to conventional bonds. We also find no significant difference in the spreads of sustainable bond tranches relative to similar conventional bonds. This result holds across green, social, and sustainability bonds, as well as in a matched sample of conventional bonds. Furthermore, our findings are consistent across both pre-COVID and COVID periods, indicating that issuing firms do not use sustainable bonds as a strategy to lower borrowing costs.