In Germany exist a large number of co-operatives that are engaged in a broad variety of business activities. Their organisational structure is determined by co-operative law and to a lesser degree by statutes or by-laws. As has been shown for German rural co-operatives by applying property...

In the recent financial crisis, risk management tools have been proven inadequate. Model risk, a key component of bank risk, has shown its negative impact. It seems that risk models did not cover the included risks comprehensively and were not kept up-to-date by banks, and also rating agencies....

We show that team formation can serve as an implicit commitment device to overcome problems of self-control. If individuals have present-biased preferences, effort that is costly today but rewarded at some later point in time is too low from the perspective of an individual's long-run self. If...

We show that team formation can serve as an implicit commitment device to overcome problems of self-control. If individuals have present-biased preferences, effort that is costly today but rewarded at some later point in time is too low from the perspective of an individual\'s long-run self. If...

We show that team formation can serve as an implicit commitment device to overcome problems of self-control. In a situation where individuals have present-biased preferences, any effort that is costly today but rewarded at some later point in time is too low from the perspective of an...

The severity and depth of the recent financial crisis hit many by surprise. Despite warning signs, the financial system seems to have been unable to aggregate existing information. As the events of Fall 2008 showed, many investors were caught off guard by the large number of banks collapsing...

This paper provides an extensive overview of the economic importance and development of the Flemish maritime ports, over the period 1995 - 2002. Focusing on the three major variables of value added, employment and investment, it also provides some information about the financial situation of a...

This paper is an annual publication issued by the Microeconomic Analysis service of the National Bank of Belgium. The Flemish maritime ports - Antwerp, Ghent, Ostend, Zeebrugge - and the Autonomous Port of Liège play a major role in their respective regional economies and in the Belgian...

This paper provides a survey of the main developments in the iron and steel industry over the last few decades. The first chapter covers the changing conditions on international markets and identifies the main challenges facing the companies in this sector. These include the boom in China, the...