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Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries

Harhoff, Dietmar; Stahl, Konrad; Woywode, Michael - C.E.P.R. Discussion Papers - 1996

approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation … without losses to creditors, and bankruptcy as forced liquidation. We demonstrate that firms under limited liability are … of insolvencies is a non-monotonic function of firm size while the likelihood of voluntary liquidation decreases …

Persistent link: https://www.econbiz.de/10005136761

The Economics of Bankruptcy and the Transition to a Market Economy

Abel, István; Gatsios, Konstantine - C.E.P.R. Discussion Papers - 1993

liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in … economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …

Persistent link: https://www.econbiz.de/10005791908

Gender and Competition

Booth, Alison L - C.E.P.R. Discussion Papers - 2009

In almost all European Union countries, the gender wage gap is increasing across the wages distribution. In this lecture I briefly survey some recent studies aiming to explain why apparently identical women and men receive such different returns and focus especially on those incorporating...

Persistent link: https://www.econbiz.de/10005082540

A Theory of Fairness, Competition and Cooperation

Fehr, Ernst; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1998

There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when they are given the opportunity to punish...

Persistent link: https://www.econbiz.de/10005504682

Social Identity and Preferences over Redistribution

Klor, Esteban F; Shayo, Moses - C.E.P.R. Discussion Papers - 2007

We design an experiment to study the effects of social identity on preferences over redistribution. The experiment highlights the trade-off between social identity concerns and maximization of monetary payoffs. Subjects belonging to two distinct natural groups are randomly assigned gross incomes...

Persistent link: https://www.econbiz.de/10005114256

Budget Processes: Theory and Experimental Evidence

Ehrhart, Karl-Martin; Gardner, Roy J; Keser, Claudia; … - C.E.P.R. Discussion Papers - 2001

This Paper studies budget processes, both theoretically and experimentally. We compare the outcomes of bottom-up and top-down budget processes. It is often presumed that a top-down budget process leads to a smaller overall budget than a bottom-up budget process. We show, using structurally...

Persistent link: https://www.econbiz.de/10005662099

Stock Market Quality in the Prescence of a Traded Option

de Jong, Cyriel; Koedijk, Kees; Schnitzlein, Charles - C.E.P.R. Discussion Papers - 2002

We use a controlled economic experiment to examine the implications of asymmetric information for informational linkages between a stock market and a traded call option on that stock. The setting is based on the Kyle model and Back (1993). We find that an insider trades aggressively in both the...

Persistent link: https://www.econbiz.de/10005789115

On Public Opinion Polls and Voters' Turnout

Klor, Esteban F; Winter, Eyal - C.E.P.R. Discussion Papers - 2006

This paper studies the effects that the revelation of information on the electorate's preferences has on voters' turnout decisions. The experimental data show that closeness in the division of preferences induces a significant increase in turnout. Moreover, for closely divided electorates (and...

Persistent link: https://www.econbiz.de/10005661831

No Trade

Carrillo, Juan D; Palfrey, Thomas R - C.E.P.R. Discussion Papers - 2007

We investigate, in a simple bilateral bargaining environment, the extent to which asymmetric information can induce individuals to engage in exchange where trade is not mutually profitable. We first establish a no-trade theorem for this environment. A laboratory experiment is conducted, where...

Persistent link: https://www.econbiz.de/10005661979

Growing like China

Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009

credit markets. Due to the financial imperfections, high-productivity firms - which are run by entrepreneurs - must be …

Persistent link: https://www.econbiz.de/10005123794