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While most economists agree that the recent worldwide financial crises evolved as a consequence of the US house price bubble, the related literature yet failed to deliver a consensus on the question when exactly the bubble started developing. The estimates in the literature range in between 1997...
Persistent link: https://www.econbiz.de/10010584284
We compare single ballot vs dual ballot elections under plurality rule, assuming sincere voting and allowing for partly endogenous party formation. Under the dual ballot, the number of parties is larger but the influence of extremist voters on equilibrium policy is smaller, because their...
Persistent link: https://www.econbiz.de/10005000387
. However, perverse market timing manifests itself mainly in female managed funds and in the left tail of the returns … dependent on the selection of the specific quantile of the returns distribution; also, style consistency for male and female …
Persistent link: https://www.econbiz.de/10010667412
Merged firms are typically rather complex organizations. Accordingly, merger has a more profound effect on the structure of a market than simply reducing the number of competitors. We show that this may render horizontal mergers profitable and welfare-improving even if costs are linear. The...
Persistent link: https://www.econbiz.de/10005765715