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It manages, on an unofficial basis, companies' public relations and it arranges for the newspapers to minimise any unpleasantness.
"Therefore, on an overall basis, companies pick up nearly 87 percent of the settlement tab," the research associates wrote in a research report last year.
"Think about it just on a logistical basis: companies tend to work with a lot of contractors; for each equity arrangement you've got to go before your board and write up a specific contract; no one has the time to manage that much overhead".
So on a relative basis, companies with high returns on invested capital are gonna be better positioned to other companies.
By systematizing what is at present done on a mostly ad hoc basis, companies should be better able to ascertain that a partnership will do more good than harm.
On a sector-by-sector basis, companies in the materials industry were the worst offenders, averaging a 22% difference over the five years between their Ciesielski-adjusted earnings and what they reported.
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Tackling sustainability issues on a company-by-company basis isn't enough; companies and industries need to start working together.
Still, he said, on a valuation basis, the companies have begun to look attractive.
"It is the basis for companies to be mindful of their obligation not to discriminate".
Under the new agreement, Paramount will distribute Marvel's coming films on a worldwide basis, the companies said.
Eurex's clearing services would be provided on a fair, reasonable and nondiscriminatory basis, the companies said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com