Can "competition of competition laws" be a feasible concept that should play an important role in an international order for the worldwide protection of competition? We introduce four different types of regulatory competition that allow for a more differentiated analysis of beneficial and...

Ein fehlerhaftes Testat führt oft zur Überbewertung des Unternehmens. Auf dem Sekundärmarkt, d.h. bei der Abschlussprüfung eines bereits börsennotierten Unternehmens, weiß ein uninformierter Anleger ex-ante nicht, ob er Käufer oder Verkäufer überteuerter Aktien sein wird. Er kann einen...

Recently, Chr. Mantzavinos proposed a new concept for antitrust analysis drawing on theoretical developments in New Institutional Economics and Evolutionary Economics. Criticizing the policy prescriptions based on traditional microeconomics and welfare economics, Mantzavinos pleas for a...

The literature on venture financing mainly focuses on entrepreneurial moral hazard. The investor, however, may behave opportunistically, too. We look at the case where the investor demands a higher share on the venture’s return before financing the next stage. Possibly, the staging of capital...

We analyze the legal reform concerning employees' inventions in Germany. Using a simple principal-agent model, we derive a unique efficient payment scheme: a bonus which is contingent on the project value. We demonstrate that the old German law creates inefficient incentives. However, the new...