Several studies indicate that stock option plans are becoming more and more a substantial part of compensation schemes in U.S. companies. This paper shows the tax implications and accounting rules for stock option plans. By comparison of the tax and accounting rules for different compensation...

One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns...

This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...

The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges – with the only exception of the Warsaw Stock Exchange – are, in comparison with their western counterparts, underdeveloped and less important for the...

This study provides empirical evidence verifying the theory of price discovery for Eastern European enterprises based on their cross-listing on Western European exchanges. Despite the fact that the crosslisting behavior of companies has been analyzed very actively since the mid-70s, many...

This study investigates the impact of R&D subsidies on R&D investment during the past financial crisis. We conduct a treatment effects analysis and show that R&D subsidies increased R&D spending among subsidized small and medium sized firms in Germany during the crisis years. In the first crisis...

This study analyses the effectiveness of targeted public support for R&D investment. In particular, we test whether the specific policy design aiming at incentivizing (international) collaboration and R&D in small and mediumsized firms achieves the desired objectives on input as well as output...

Applying a variant of a non-parametric matching estimator, we consider European funding and national funding as heterogeneous treatments, distinguishing and simultaneously analyzing the effect these treatments have on innovation input and performance. In terms of input, getting funding from both...

This study focuses on the effect of public funding on internal R&D investment and on total innovation intensity on a cross-country comparative level. Using harmonised micro data from five different countries, this study analyzes the heterogeneity of the use of policy instruments. Applying a...

Empirical work on the wage impact of training has noted that unobserved heterogeneity of training participants should play a role. The expected return to training, which partly depends on unobservable characteristics, is likely to be a crucial criterion in the decision to take part in training...