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Endogenous Technological Change under Uncertainty

Hek, Paul A. de - Tinbergen Instituut - 2002

How does risk or uncertainty in the productivity of research affect the growth rate of the economy? To answer this question, a model of endogenous technological change is used where sustained growth stems from intentional investments in R&D from profit-maximizing firms. The uncertainty arises...

Persistent link: https://www.econbiz.de/10011255608

The Firms behind the Regions: Analysis of Regional Innovation Performance in Portugal by External Logistic Biplots

Noronha, Teresa de; Galindo, Purificación Vicente; … - Tinbergen Instituut - 2013

The strategic choices regarding innovation and R&D policy in Portugal have, over the last two decades, produced various positive benefits, in which particularly the regions of Lisbon and Algarve have taken the lead. These are the only parts of the country that converge towards the European...

Persistent link: https://www.econbiz.de/10011255850

Uncertain Technological Change under Capital Mobility

Hek, Paul A. de - Tinbergen Instituut - 2005

The analysis in this paper shows that unpredictable variations in economic productivity may have a positive or negative effect on the average growth rate of output. This theoretical ambiguity result is not solely determined by the value of the elasticity of intertemporal substitution (of...

Persistent link: https://www.econbiz.de/10011256297

Evolutionary Thinking in Environmental Economics

Bergh, Jeroen C.J.M. van den - Tinbergen Instituut - 2007

Evolutionary and environmental economics have a potentially close relationship. This paper reviews past and identifies potential applications of evolutionary concepts and methods to environmental economics. This covers a number of themes: resource use and ecosystem management; growth and...

Persistent link: https://www.econbiz.de/10011256552

Interlocking Boards and Firm Performance: Evidence from a New Panel Database

Non, Mariëlle C.; Franses, Philip Hans - Tinbergen Instituut - 2007

An interlock between two firms occurs if the firms share one or more directors in their boards of directors. We explore the effect of interlocks on firm performance for 101 large Dutch firms using a large and new panel database. We use five different performance measures, and for each...

Persistent link: https://www.econbiz.de/10011255468

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

The Political Economy of Dominant Investors

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

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011255534

Mean and Bold?

Witte, Kristof De; Dijkgraaf, Elbert - Tinbergen Instituut - 2007

See also the article 'Mean and bold: on separating merger economies from structural efficiency gains in the drinking water sector' 2010, The Journal of the Operational Research Society, 61, 222-34. The Dutch drinking water sector experienced two drastic changes over the last 10 years. Firstly,...

Persistent link: https://www.econbiz.de/10011255577

Search Frictions and the Liquidity of Large Blocks of Shares

Albuquerque, Rui; Schroth, Enrique - Tinbergen Instituut - 2011

This paper investigates empirically the illiquidity of majority blocks of shares in the context of a search model of block trades. The search model incorporates two aspects of illiquidity, or search frictions. First, upon a liquidity shock, the incumbent blockholders may be forced to sell to a...

Persistent link: https://www.econbiz.de/10011255654

White Knights and the Corporate Governance of Hostile Takeovers

Calcagno, Riccardo; Falconieri, Sonia - Tinbergen Instituut - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10011255658