This short paper studies the empirical relationship between realized stock returns and bond <p> yields at the 5- and 10-year investment horizons, respectively. Using annual Danish data since <p> 1927, we find that stock returns and bond yields are closely linked in the medium and long <p> term, as we...</p></p></p>

We develop an extension of the familiar linear mixed logit model to allow for the direct estimation of parametric non-linear functions defined over structural parameters. A classic application is the estimation of coefficients of utility functions to characterize risk attitudes. There are...

Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...

We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class <p> shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in <p> additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms...</p></p>

In a world where corporate boards are not required by law, I identify a governance and a distribute motive for board establishment and board composition. I investigate the presence of these motives in a sample of 23.000+ closely held corporations. Board frequency increases with more owners, if...

We analyse the relationship between the distribution of ownership and the allocation <p> of control in Danish closely held corporations. First, we investigate why firms have boards. Second, <p> we identify relationships between owners, boardmembers and CEOs in these firms. Third, we show <p> the presence...</p></p></p>

We show that the standard concertina result for tariff reforms – i.e. lowering the highest tariff increases welfare – no longer holds in general if we allow for international capital mobility. The result can break down if the good whose tariff is lowered is not capital intensive. If the...

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Recent policy initiatives in the EU aim at supporting so-called Young Innovative Companies (YICs). This paper provides empirical evidence from German CIS data on the innovative performances of this specific type of firms, supporting why they matter. We first characterize YICs in the sample of...