Summary This is the first study to provide robust empirical foundations to a theoretical literature which so far had to assume behavioral adjustments in response to probation periods. Probation periods typically precede regular employment contracts and are commonly interpreted as a screening...

Summary Against the background of growing media interest in professional soccer, this paper proposes a moral hazard model with costly state verification to explain how rule changes affecting the reward scheme of team performance impact on the success of managerial change. As has been shown...

Summary Existing institutions of banking regulation force banks to meet minimum capital adequacy ratios. These regulations intend to guarantee the solvency of banks and to protect depositors against excessive risk-taking by bank-owners. By the same token, however, they may have consequences for...

Summary There is an ongoing discussion about the relationship of power and preferences: Is power reflected in what the agents can do and what they want to do, or, alternatively, are preferences and power two separate dimensions of determining the outcome of decisionmaking? In the latter case...

Zahlreiche empirische Tests des Ricardianischen Äquivalenztheorems beruhen auf Kleinst-Quadrat-Schätzungen von Konsumfunktionen. Im vorliegenden Aufsatz wird gezeigt, daß einige dieser Schätzungen keine Grundlage für aussagekräftige Tests des Theorems bilden können. Zum einen sind die...