Showing 1 - 10 of 33
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The...
Persistent link: https://www.econbiz.de/10005406388
into the all-pay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make …
Persistent link: https://www.econbiz.de/10005196292
This paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent...
Persistent link: https://www.econbiz.de/10008572531
This paper extends the standard human capital model with real options. Real options influence investment behavior when risky investments in human capital are irreversible and individuals can affect the timing of the investment. Option values make individuals more reluctant to invest in human...
Persistent link: https://www.econbiz.de/10005405834
Workfare policies are often introduced in labour market policies to improve the trade-off between incentives and insurance as an alternative to benefit reductions. Most of the debate on such policies has focussed on the direct effect of those participating in the scheme, and in particular the...
Persistent link: https://www.econbiz.de/10005406005
even if the risk-free asset return is correlated with other risky assets' returns. However, equivalence fails to hold on an …
Persistent link: https://www.econbiz.de/10004979407
This paper analyzes theoretically and empirically how upstream markets are affected by deregulation downstream. Deregulation tends to increase the level of uncertainty in the upstream market. Our theoretical analysis predicts that deregulated firms respond to this increase in uncertainty by...
Persistent link: https://www.econbiz.de/10011099762
explore the design of policy. The model highlights the critical roles played by (i) the relationship between behavioural risk … preferences, standard risk aversion and labour supply behaviour, (ii) the risk properties of education, and (iii) the degree of …
Persistent link: https://www.econbiz.de/10011103402
Experimental studies of the WTP-WTA gap avoid social trading by implementing an incentive compatible mechanism for each individual trader. We compare a traditional random price mechanism and a novel elicitation mechanism preserving social trading, without sacrificing mutual incentive...
Persistent link: https://www.econbiz.de/10010734325
Banks play a critical role in international trade by providing trade finance products that reduce the risk of exporting …
Persistent link: https://www.econbiz.de/10010948821