This paper analyzes whether political outcomes in local democracies are determinedby the preferences of the median -typically poor- agents or whether they reflect thewishes of the wealthy elites. A model shows that when politicians belonging to differentgroups can form coalitions, the wealthy...

In einer doppelseitigen Werbeanzeige für die Zeitschrift „manager magazin“ (im „Stern“ vom23.06.1999, S. 188-189) sind drei wichtig anmutende Männer in Geschäftsanzügen abgebildet,die gemeinsam in einem Aufzug fahren. Offenbar handelt es sich um Börsenhändler. Zu jederPerson gibt...

We investigate the pricing of convertible bonds on the French convertible bond market using dailymarket prices for a period of 18 months. Instead of a firm-value model as used in previous studies, weuse a stock-based binomial-tree model with exogenous credit risk that accounts for all...