In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firmslisted in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...

This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-pro ject, giving the CEO private benefits. While the CEO benefitsfrom competent directors because they help him make...

This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...

Die aktuelle Corporate Governance Literatur stützt die verbreitete Hypothe-se, dass sicht „gute“ Corporate Governance durch eine höhere Unterneh-mensbewertung manifestiert. Die Mehrzahl der empirischen Studien unter-sucht jedoch nur ausgewählte Corporate Governance Mechanismen...

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Almost half the women in work in the UK work part-time, but views conflict: does this support awoman’s career or is it a dead-end trap?Cohort data on labour market involvement to age 42 show highly varied pathways throughfull/part-time/non-employment. Econometric estimation confirms that...

In 2000, the Lisbon Agenda set out an ambitious plan to make the EuropeanUnion “the most dynamic and competitive knowledge-based economy inthe world”. The Agenda suggested a need for action on three broad fronts:the first explicitly macroeconomic; the second explicitly microeconomic;the third...

I analyze empirically the effects of both urban and industrial agglomeration on men’s andwomen’s search behavior and on the efficiency of matching. The analysis is based on the ItalianLabor Force Survey micro-data, which covers 520 randomly drawn Local Labor Market Areas(66 per cent of the...

In China urban residents have traditionally been protected against labour marketcompetition from rural-urban migrants. Over the period of urban economic reform, rural-urbanmigration was allowed to increase in order to fill the employment gap as growth of labourdemand outstripped that of the...

By assuming Cobb-Douglas production technology, many well-known imperfectlycompetitive macroeconomic models of the labour market (e.g. Layard, Nickell andJackman, 1991) imply that equilibrium unemployment is independent of the capitalstock. This paper introduces a new notion of capacity into the...