Patent renewal studies reveal a highly rightward-skewed distribution of patent values. Our approach elicits valuations approximating those of the patented invention. This paper focuses on the full-term patents of the application year 1977 held by West German and U.S. residents. The tail of...

This paper uses a new firm panel data set to explore the relationship between R&D and productivity in German manufacturing firms for the period from 1979 to 1989. The results confirm the view that R&D is an important determinant of productivity growth. In the cross-section, the elasticity of...

The paper reports the results of an empirical study of the price relation between the German Performance Stock Index, DAX, and DAX futures. An ex-ante arbitrage strategy based on arbitrage signals is analyzed. The data set contains intraday bid- and ask futures quotes and index values on a...

Advocates of apprenticeship programs often argue as if it is simply a matter of historical accident which has hindered such investment by U.S. firms. This paper explores the structure of incentives undergirding the German system of apprenticeship training. First, we describe three...

Die empirische Überprüfung von steuerlich bedingten Marktsegmentationen (Steuer-Klientel- Effekten) ergab an den DM-Anleihemärkten asymmetrische Ergebnisse für Anleihen in Abhängigkeit von deren Kurshöhe. Im vorliegenden Beitrag werden diese Resultate durch Friktionen bei der Bildung von...