This paper centres around the question of ownership of firms and managerial competition and how these affect managers and employees’ incentives to invest in human capital. We argue that employees’ incentives in human capital investment are affected by both ownership and competition since...

Studies of firm-level data have shown that there is a huge dispersion of productivity across firms even when industries are narrowly defined. So there is a significant opportunity for the least productive firms to catch up to the most productive. The formers’ convergence could therefore...

This paper examines the investment strategies of regulated companies in abatement technologies, market participants' trading behaviors, and the liquidity level in an inter-temporal cap{and{trade market using laboratory experiments. The experimental analysis is performed under varying market...

This work investigates both theoretically and empirically how the behaviour of financial analysts is affected by competition, measured as the strength of coverage of a stock from other analysts. The interaction among analysts and investors is modelled as a dynamic cheap talk game. The...

This paper develops a hedonic price model explaining standard land values in Berlin. The model assesses the impact of three multifunctional sports arenas situated in Berlin-Prenzlauer Berg which were designed to improve the attractiveness of their formerly deprived neighbourhoods. Empirical...

This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy across states, over time and due to inter-state moves. We test whether capitalization of the...

Very little information exists about households’ longer-term movements between tenures. Some cross-section datasets include information on length of stay in any residence but we have no systematic study of movement over time. This study uses the British Household Panel Study to examine...

This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting with high property transaction costs (i) homeowners are more likely to invest in social...

In this article I argue that the extent to which fiscal variables are capitalized into house prices has important economic implications. I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized...

We present a modified open monocentric city model that assumes that land is available for conversion into new housing throughout the city. The model predicts that positive local income shocks (i) increase the city’s share of multi-family housing in new construction and (ii) lead to the...