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Peitz, Martin; Waelbroeck, Patrick - CESifo - 2004

In this guide, we discuss the impact of digitalization on the music industry. We rely on market and survey data at the international level as well as expert statements from the industry. The guide investigates recent developments in legal and technological protection of digital music and...

Persistent link: https://www.econbiz.de/10005766225

How Social Reputation Networks Interact with Competition in Anonymous Online Trading: An Experimental Study

Bolton, Gary E.; Loebbecke, Claudia; Ockenfels, Axel - CESifo - 2008

Many Internet markets rely on ‘feedback systems’, essentially social networks of reputation, to facilitate trust and trustworthiness in anonymous transactions. Market competition creates incentives that arguably may enhance or curb the effectiveness of these systems. We investigate how...

Persistent link: https://www.econbiz.de/10005766257

Global Business Cycles and Credit Risk

Pesaran, M. Hashem; Schuermann, Til; Treutler, Björn-Jakob - CESifo - 2005

The potential for portfolio diversification is driven broadly by two characteristics: the degree to which systematic risk factors are correlated with each other and the degree of dependence individual firms have to the different types of risk factors. Using a global vector autoregressive...

Persistent link: https://www.econbiz.de/10005765811

Macroeconomic Dynamics and Credit Risk: A Global Perspective

Schuermann, Til; Treutler, Björn-Jakob; Weiner, Scott M.; … - CESifo - 2003

We develop a framework for modeling conditional loss distributions through the introduction of risk factor dynamics. Asset value changes of a credit portfolio are linked to a dynamic global macroeconometric model, allowing macro effects to be isolated from idiosyncratic shocks. Default...

Persistent link: https://www.econbiz.de/10005766168

Firm Heterogeneity and Credit Risk Diversification

Hanson, Samuel; Pesaran, M. Hashem; Schuermann, Til - CESifo - 2005

This paper considers a simple model of credit risk and derives the limit distribution of losses under different assumptions regarding the structure of systematic and idiosyncratic risks and the nature of firm heterogeneity. The theoretical results obtained indicate that if firm-specific risk...

Persistent link: https://www.econbiz.de/10005766213

Strategic Approaches to CO2 Emissions - The Case of the Cement Industry and of the Chemical Industry

Arjaliès, Diane Laure; Goubet, Cécile; Ponssard, … - CESifo - 2014

The ability of companies to turn an environmental constraint into a source of strategic opportunities is a controversial topic in published research. The article, which is based on a comparative study of the CO2 emission reduction strategies implemented by the cement and chemical industries,...

Persistent link: https://www.econbiz.de/10010877636

How Do Judgmental Overconfidence and Overoptimism Shape Innovative Activity?

Herz, Holger; Schunk, Daniel; Zehnder, Christian - CESifo - 2013

that the connection between overconfidence and innovation is more complex than the previous literature suggests. In … innovative activity. While overoptimism leads to an innovation enhancing effect, judgmental overconfidence inhibits innovation …. Our results indicate that future research is well advised to take into account that the relationship between innovation …

Persistent link: https://www.econbiz.de/10010877694

Innovation Contests

Pérez-Castrillo, David; Wettstein, David - CESifo - 2014

We study innovation contests with asymmetric information and identical contestants, where contestants’ efforts and … highest quality and receives the revenue generated by the innovation. We characterize the equilibrium behavior, outcomes and …

Persistent link: https://www.econbiz.de/10010877748

Creative Destruction and Productive Preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - CESifo - 2013

We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are …

Persistent link: https://www.econbiz.de/10010877893

Has Creative Destruction Become More Destructive?

Komlos, John - CESifo - 2014

destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP …

Persistent link: https://www.econbiz.de/10010888453