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The Economic Value of Flexibility when there is Disagreement

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that others disagree with. We show that flexibility is essentiallyan option for the decisionmaker, and can be valued as such. The value of the flexibilityoption is decreasing in...

Persistent link: https://www.econbiz.de/10011249540

The Political Economy of Bank- and Market Dominance

Perotti, Enrico; Thadden, Ernst Ludwig von - Tinbergen Instituut - 2004

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...

Persistent link: https://www.econbiz.de/10011255512

Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?

Boot, Arnoud W.A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - Tinbergen Instituut - 2006

We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...

Persistent link: https://www.econbiz.de/10011256406

Ordering the Preference Hierarchies for Internal Finance, Bank Loans, Bond and Share Issues

Haan, Leo de; Hinloopen, Jeroen - Tinbergen Instituut - 2002

We estimate the incremental financing decision for a sample of some 150Dutch companies for the years 1984 through 1997, thereby distinguishinginternal finance and three types of external finance: bank borrowing, bondissues and share issues. First, we estimate a multinomial logit model...

Persistent link: https://www.econbiz.de/10011256803

The Impact of Gender Diversity on the Performance of Business Teams: Evidence from a Field Experiment

Hoogendoorn, Sander; Oosterbeek, Hessel; Praag, Mirjam van - Tinbergen Instituut - 2011

This discussion paper resulted in an article in Management Science. Volume 59 issue 7, pages 1514-1528. This paper reports on a field experiment conducted to estimate the impact of the share of women in business teams on their performance. Teams consisting of undergraduate students in business...

Persistent link: https://www.econbiz.de/10011272579

Skill Variety, Innovation and New Business Formation

Hessels, Jolanda; Brixy, Udo; Naudé, Wim; Gries, Thomas - Tinbergen Instituut - 2014

We extend Lazear’s theory of skills variety and entrepreneurship in three directions. First, we provide a theoretical … commercial value. Our findings support the notion that entrepreneurship can be learned. …

Persistent link: https://www.econbiz.de/10011272604

Spatial Activity and Labour Market Patterns

Russo, Giovanni; Reggiani, Aura; Nijkamp, Peter - Tinbergen Instituut - 2005

The spatial activity patterns of firms in a multi-regional system are closely connected with the structure and evolution of regional labour markets. Based on an extensive data set (cross-section) on commuting flows in Germany, this paper aims to identify the relationship between entrepreneurial...

Persistent link: https://www.econbiz.de/10011255458

Risk, Balanced Skills and Entrepreneurship

Hsieh, Chihmao; Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Instituut - 2011

-averse peoplemight be suited to entrepreneurship; and it may also help explain why prior researchhas generated mixed evidence about the … effects of risk aversion on selection into entrepreneurship. …

Persistent link: https://www.econbiz.de/10011255496

Uncertainty Avoidance and the Rate of Business Ownership across 22 OECD Countries, 1976-2000

Wennekers, Sander; Thurik, Roy; Stel, André van; … - Tinbergen Instituut - 2003

countries. First, the concepts of uncertainty and risk are elaborated, as well as theirrelevance for entrepreneurship. Second … (uncertaintyavoidance) may have a diverging impact on entrepreneurship. Possibly, a climate of uncertainty avoidancein large organizations …, suggesting that risingopportunity costs of entrepreneurship are the dominant perception in this cultural environment. In a …

Persistent link: https://www.econbiz.de/10011255529

It's the Opportunity Cost, stupid! How Self-Employment responds to Financial Incentives of Return, Risk and Skew

Berkhout, Peter; Hartog, Joop; Praag, Mirjam van - Tinbergen Instituut - 2011

There is no robust empirical support for the effect of financial incentives on the decision to work in selfemploymentrather than as a wage earner. In the literature, this is seen as a puzzle. We offer a focus on theopportunity cost, i.e. the wages given up as an employee. Information on income...

Persistent link: https://www.econbiz.de/10011255541