It is intuitive that decision-makers might have attitudes towards uncertainty just as they might have attitudes towards risk. However, it is only recently that this intuitive notion has been formalized and axiomatically characterized. We estimate the extent of uncertainty aversion in a manner...

Experimental data exhibit considerable individual heterogeneity. We review the econometric methods employed to characterize that heterogeneity. We pay particular attention to the trade-off between collecting and allowing for observable characteristics, such as the familiar demographics, and the...

We make the case that psychologists should make wider use of econometric methods for the estimation of structural models. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these...

We make the case that psychologists should make wider use of structural econometric methods. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these models have been developed for a...

We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class <p> shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in <p> additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms...</p></p>

In a world where corporate boards are not required by law, I identify a governance and a distribute motive for board establishment and board composition. I investigate the presence of these motives in a sample of 23.000+ closely held corporations. Board frequency increases with more owners, if...

This short paper studies the empirical relationship between realized stock returns and bond <p> yields at the 5- and 10-year investment horizons, respectively. Using annual Danish data since <p> 1927, we find that stock returns and bond yields are closely linked in the medium and long <p> term, as we...</p></p></p>

We analyse the relationship between the distribution of ownership and the allocation <p> of control in Danish closely held corporations. First, we investigate why firms have boards. Second, <p> we identify relationships between owners, boardmembers and CEOs in these firms. Third, we show <p> the presence...</p></p></p>

Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...