performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year … -- implying that top executives in Germany have longer tenures than their counterparts in the U.S. and Japan. Turnover of the …

longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the … competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit … ratings market. Increased competition from Fitch coincides with lower quality ratings from the incumbents: rating levels went …

This paper provides a simple model showing that the extent of competition in credit markets is important in determining …

competition between traditional banks and challenger fintech entrants. We study lending market competition when sharing banks …

Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent … expropriation. We show that the regional location decisions of these firms upon moving to western Germany were driven by non … effects are due to increased competition for local resources …

formal quantitative analysis. We begin with studies of the Dutch Republic, England, the U.S., France, Germany and Japan that …

only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of …