Discretionary disclosure theory suggests that firms incentives to provide proprietary versus non-proprietary information differ markedly. To test this conjecture, the paper investigates the incentives of German firms to voluntarily disclose business segment reports and cash flow statements in...

Several of the risks currently faced by corporations are shaped by legal rules. Liability rules, for instance, determine the cases in which firms will incur economic losses, either because thay are obliged to compensate for the harm suffered by others, or because they are inflicted monetary...

We apply the property rights theory of Grossman-Hart-Moore in the musicindustry and study the optimal allocation of copyright between the artistswho create music and the labels who promote and distribute it. Digital tech-nology opens up a role for new intermediaries. We …nd that entry of...

Kunst und Kommerz gelten immer noch weithin als unvereinbar. Tatsächlich aber sind sie eng miteinander verknüpft. Denn wer von seiner künstlerischen oder publizistischen Arbeit leben möchte, wird unweigerlich zum Existenzgründer bzw. beruflich Selbständigen...

Immaterial information products (“content”) can be represented in digital form, which is anadvantage but also a source of problems. It is fundamentally impossible to prevent copyingof digital data, which is just a stream of bits – ones and zeros: Once you can read it, you cancopy it. With...

We study the strategic asset allocation for an international investor. The recent empirical evidence on the partial predictability of asset returns has renewed theacademic and practical interest in strategic asset allocation. To model time varying returns on stocks, we use a Gaussian...

Die Frage nach der richtigen Ausgestaltung marktwirtschaftlichen Wettbewerbsist eine, die Politiker, Wirtschaftswissenschaftler und nicht zuletzt Unternehmerund ihre Interessenverbände seit langer Zeit bewegt. Trotz der langen und intensiven Diskussionen ist es dennoch bis dato nicht gelungen,...

For over a decade, The Wall Street Journal and The Heritage Foundation, Washington's preeminent think tank, have tracked the march of economic freedom around the world with the influential Index of Economic Freedom. Since 1995, the Index has brought Smith's theories about liberty, prosperity and...