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Different no more: country spreads in advanced and emerging economies

Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes; … - 2020

Interest-rate spreads fluctuate widely across time and countries. We illustrate this on the basis of about 3,100 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Prior to the financial crisis, spread fluctuations in advanced economies are an order of...

Persistent link: https://www.econbiz.de/10012160079

Growth in a circular economy

Compagnoni, Marco; Stadler, Manfred - 2021

We present a model of natural resources and growth that stresses the influence of an incomplete circularity of exhaustible natural resources. In particular, we analyze the recycling process and the material balance principle, two fundamental aspects of a circular economy. When market failures...

Persistent link: https://www.econbiz.de/10012548169

Contracting institutions and firm integration around the world

Eppinger, Peter S.; Kukharskyy, Bohdan - 2021

contracting institutions. We develop a Property-Rights Theory of the multinational firm featuring partial ownership that …

Persistent link: https://www.econbiz.de/10012548172

Market structure, common ownership and coordinated manager compensation

Neus, Werner; Stadler, Manfred; Unsorg, Maximiliane - 2020

We study oligopolistic competition in product markets where the firms’ quantity decisions are delegated to managers. Some firms are commonly owned by shareholders such as index funds whereas the other firms are owned by independent shareholders. Under such an asymmetric ownership structure,...

Persistent link: https://www.econbiz.de/10012179257

Diverging roads: theory-based vs. machine learning-implied stock risk premia

Grammig, Joachim; Hanenberg, Constantin; Schlag, Christian - 2020

We assess financial theory-based and machine learning-implied measurements of stock risk premia by comparing the … preferable to rely on a theory-based approach instead of engaging in the computerintensive hyper-parameter tuning of statistical … models. The theory-based approach also delivers a solid performance at the one year horizon, at which only one machine …

Persistent link: https://www.econbiz.de/10012163064

On the precarious link between the Gini coefficient and the incentive to migrate

Stark, Oded; Byra, Lukasz; Kosiorowski, Grzegorz - 2020

We offer an explanation for the inconclusive results of empirical studies into the relationship between the magnitude of the Gini coefficient of income distribution at origin and the intensity of migration. Bearing in mind the substantial literature that identifies relative deprivation as an...

Persistent link: https://www.econbiz.de/10012152203

Worker compensation schemes and product market competition

Stadler, Manfred - 2020

We analyze product market competition between firm owners where the risk-neutral workers decide on their efforts and, thereby, on the output levels. Various worker compensation schemes are compared: a piece-rate compensation scheme as a benchmark when workers’ output performance is verifiable,...

Persistent link: https://www.econbiz.de/10012152208

Turning relative deprivation into a performance incentive device

Stark, Oded; Kosiorowski, Grzegorz - 2021

The inclination of individuals to improve their performance when it lags behind that of others with whom they naturally compare themselves can be harnessed to optimize the individuals’ effort in work and study. In a given set of individuals, we characterize each individual by his relative...

Persistent link: https://www.econbiz.de/10012427359

The perpetual trouble with network products : why IT firms choose partial compatibility

Stadler, Manfred; Tobler Trexler, Céline; Unsorg, … - 2021

Compatibility of network products is an important issue in markets for communication technology as well as hard- and software products. Empirical findings suggest that firms competing in these markets typically choose intermediate degrees of product compatibility. We present a strategic...

Persistent link: https://www.econbiz.de/10012602284

Entry regulation and competition evidence from retail and labor markets of pharmacists

Rostam-Afschar, Davud; Unsorg, Maximiliane - 2021

We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. From 2004 onward, the reform allowed pharmacists to expand their single-store firms and to open or acquire up to three a liated stores. This partial deregulation of multi-store prohibition reduced...

Persistent link: https://www.econbiz.de/10012548173