Michele Fioretti
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View article: NGO Activism: Exposure vs. Influence
NGO Activism: Exposure vs. Influence Open
This paper studies how the timing of NGO activism shapes its effectiveness in influencing corporate behavior. Using data on 2,500 campaigns targeting U.S. firms, we show that campaigns timed at annual general meetings (AGMs) generate large…
Prices and Concentration: A U-shape? Theory and Evidence from Renewables Open
We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm--thereby diversifying its production technologies while increasing concentration--can lower prices by prompting the l…
Two-Sided Market Power in Firm-to-Firm Trade Open
We develop a quantitative theory of prices in firm-to-firm trade with bilateral negotiations and two-sided market power.Markups reflect oligopoly and oligopsony forces, with relative bargaining power as weight.Cost pass-through elasticitie…
Two-Sided Market Power in Firm-to-Firm Trade Open
We develop a quantitative theory of prices in firm-to-firm trade with bilateral negotiations and two-sided market power. Markups reflect oligopoly and oligopsony forces, with relative bargaining power as weight. Cost pass-through elasticit…
Transferable Know-How: Evidence from the Upstream Oil & Gas Industry Open
We investigate the consequences of the adoption of Enhanced Oil Recovery (EOR) on productivity, competition, and further technological adoption in the upstream oil \& gas industry in the North Sea. Exploiting geological heterogeneity and a…
Caring or Pretending to Care? Social Impact, Firms’ Objectives, and Welfare Open
Many firms claim that “social impact” influences their strategies. This paper develops a structural model that quantifies social impact as the sum of surpluses to a firm and its stakeholders. With data from a for-profit firm whose prosocia…
Two-Sided Market Power in Firm-to-Firm Trade Open
This paper develops a theory of bargaining in firm-to-firm trade with two-sided market power. The framework accommodates flexible market structures, yielding analytical expressions for pair-specific markups and pass-through elasticities. I…
Dynamic Regret Avoidance Open
In a stock market experiment, we examine how regret avoidance influences the decision to sell an asset while its price changes over time. Participants know beforehand whether they will observe the future prices after they sell the asset or…
Support for social entrepreneurship during the war and further reconstruction Open
The article is devoted to the study of the actual processes of functioning of socially responsible business, its role as a subject of the modern democratic state of sustainable development, in solving social problems.The basis for the form…
Performance Pay in Insurance Markets: Evidence from Medicare Open
Public procurement bodies increasingly resort to pay-for-performance contracts to promote efficient spending. We show that firm responses to pay-for-performance can widen the inequality in accessing social services. Focusing on the quality…
Replication Data for: Performance Pay in Insurance Markets: Evidence from Medicare Open
Fioretti, M., and Wang, H. (2023). “Performance Pay in Insurance Markets: Evidence from Medicare.” Review of Economics and Statistics 105:5, 1128–1144.
Saving for a Dry Day: Coal, Dams, and the Energy Transition Open
Renewable generation creates a tradeoff between current and future energy production as generators produce energy by releasing previously stored resources. Studying the Colombian market, we find that diversified firms strategically substit…
View article: Selfish Shareholders: Corporate Donations during COVID-19
Selfish Shareholders: Corporate Donations during COVID-19 Open
During the onset of the COVID-19 pandemic, conflicting incentives caused most shareholders to adverse corporate social responsibility (CSR) –measured by firms’ charitable donations– since it would further burden firms’ already strained fin…
View article: The Shared Costs of Pursuing Shareholder Values
The Shared Costs of Pursuing Shareholder Values Open
We uncover latent conflicts among shareholders, showing how private reputational rents for a few impose losses on many. Exploiting predetermined Annual General Meeting dates relative to COVID-19 and the Russian invasion of Ukraine as exoge…
Social Responsibility and Firm's Objectives Open
This paper shows that a firm’s objectives can extend beyond profit maximization. I use data from a for-profit firm offering charity auctions of celebrities belongings whose donations affect both revenues and costs. Comparing actual donatio…
Subsidizing Inequality: Performance Pay and Risk Selection in Medicare Open
Pay-for-performance is commonly employed to improve the quality of social services contracted out to firms. We show that insurer responses to pay-for-performance can widen the inequality in accessing social services. Focusing on the U.S. M…