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Fairness and the optimal allocation of ownership rights

Fehr, Ernst; Kremhelmer, Susanne; Schmidt, Klaus M. - 2005

We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting...

Persistent link: https://www.econbiz.de/10010261192

Asset ownership and foreign-market entry

Raff, Horst; Ryan, Michael; Stähler, Frank - 2006

This paper examines the link between a firm's ownership of productive assets and its choice of foreign-market entry strategy. We find that, controlling for industry- and country-specific characteristics, the most productive firms (i.e., those owning the most assets) will enter through greenfield...

Persistent link: https://www.econbiz.de/10010261423

Debt as Safe Asset

Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy - 2022

The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers’ interest burden and allows the government to run a...

Persistent link: https://www.econbiz.de/10013308246

International trade and cultural diversity : a model of preference selection

Bala, Vankatesh; Long, Ngo Van - 2004

provide an explanation of why small countries sometimes exclude certain goods (especially those related to culture) from trade …

Persistent link: https://www.econbiz.de/10010261231

Culture and institutions : economic development in the regions of Europe

Tabellini, Guido - 2005

Does culture have a causal effect on economic development? The data on European regions suggest that it does. Culture … individual self-determination. To isolate the exogenous variation in culture, I rely on two historical variables used as … level. The exogenous component of culture due to history is strongly correlated with current regional economic development …

Persistent link: https://www.econbiz.de/10010261295

Herding, Warfare, and a Culture of Honor : Global Evidence

Cao, Yiming; Enke, Benjamin; Falk, Armin; Giuliano, Paola; … - 2022

According to the widely known ‘culture of honor’ hypothesis from social psychology, traditional herding practices have …

Persistent link: https://www.econbiz.de/10013308100

International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China

Jiang, Kun; Keller, Wolfgang; Qiu, Larry D.; Ridley, William - 2018

This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing administrative data on all international joint ventures in China from 1998 to 2007—roughly a quarter of...

Persistent link: https://www.econbiz.de/10011872122

Loans, insurance and failures in the credit market for students

Del Rey, Elena; Verheyden, Bertrand - 2011

In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In order to provide a rationale for these observations, we present a model with perfectly competitive banks and risk averse students who have private information on their ability...

Persistent link: https://www.econbiz.de/10010274775

Financial frictions and inflation differentials in a monetary union

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...

Persistent link: https://www.econbiz.de/10010274902

Endogenous Repo Cycles

Arbuzov, Vyacheslav; Awaya, Yu; Fukai, Hiroki; … - 2019

, collateral values, and debt limits. We show that the collateral premium of a durable asset will become the lowest right before a …

Persistent link: https://www.econbiz.de/10012018209