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Creative destruction and productive preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2013
We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...
Persistent link: https://www.econbiz.de/10009691699
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Robust determinants of the shadow economy : an international comparison
Goel, Rajeev K.; Nelson, Michael A. - 2016
driving shadow activity. The incentives of new shadow entrepreneurs are somewhat different. A one standard deviation increase … business startup costs increases new informal entrepreneurs by almost more than double. …
Persistent link: https://www.econbiz.de/10011457984
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The effects of employment protection on the choice of risky projects
Glazer, Amihai; Kanniainen, Vesa - 2002
We consider a firm that is subject to employment protection laws that limit the firm s ability to fire labor. In particular, we suppose that though a firm which shuts down can fire all its workers, it may fire no fewer. Compared to a firm that is subject to no employment protection, a firm...
Persistent link: https://www.econbiz.de/10011409396
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Enterprise formation and labor market institutions
Kanniainen, Vesa; Vesala, Timo - 2000
The paper introduces a model of enterprise formation in a unionized economy with labor protection and wage bargaining. Enterprise formation is subject to future market risk and is shaped by labor market institutions in the post-entry stage. The predictions of the model are tested in...
Persistent link: https://www.econbiz.de/10009781640
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Entrepreneurial innovations and taxation
Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - 2011
-return characteristics of the selected innovation project and the mode of commercialization chosen by entrepreneurs (market entry versus sale … entrepreneurs but, at the same time, give an incentive to choose low risk projects, due to the existence of limited loss offset …
Persistent link: https://www.econbiz.de/10009130215
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Social capital and crises with an application to Iceland
Thorvaldur Gylfason - 2015
Economic growth is propelled in part by the accumulation of different kinds of capital, including social capital in its several guises. This paper considers the interplay between financial crises and various aspects of social capital which, if it is allowed to depreciate, can undermine economic...
Persistent link: https://www.econbiz.de/10011288794
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Social capital and collusion : the case of merchant guilds
Dessí, Roberta; Olgivie, Sheilagh - 2003
Merchant guilds have been portrayed as social networks that generated beneficial social capital by sustaining shared norms, effectively transmitting information, and successfully undertaking collective action. This social capital, it is claimed, benefited society as a whole by enabling rulers to...
Persistent link: https://www.econbiz.de/10011509466
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Credit market imperfection, lack of entrepreneurs and capital outflow from a developing economy
Marjit, Sugata; Mishra, Suryaprakash - 2020
This paper explores the impact of credit market on the entrepreneurs and demand for credit in a credit constrained … due to presence/absence of entrepreneurs, i.e., low price of capital in autarky may reflect lack of demand for credit due … to scarcity of entrepreneurs and not capital abundance and eventually may lead to capital outflow from a capital scarce …
Persistent link: https://www.econbiz.de/10012263312
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Hybrid historical simulation VaR and ES : performance in developed and emerging markets
Zikovic, Sasa; Filer, Randall Keith - 2009
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight...
Persistent link: https://www.econbiz.de/10003891679
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Pooling, tranching and credit expansion
Bougheas, Spiros P. - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their own balance-sheets. Those securities retained...
Persistent link: https://www.econbiz.de/10009570572