Until a few generations ago, humans made their living by foraging, like other animals.We have therefore inherited genes that allowed our ancestors to thrive as hunters andgatherers. Thriving in a modern economy requires very different behaviours but wecope because the human brain evolved to be...

Pledges on shares and stocks are common as securities for loans. New are theattempts by pledgees to sell pledges in public auctions. The questions regardingthe requirements for such public auctions have not been answered either by Ge rmancourt decisions or literature. This fact helps the...

Pressemitteilund des Bundesministeriums für Wirtschaft und Technologie zum Thema Gesetzentwurf: "Wagniskapitalbeteiligung (WKBG) undUnternehmensbeteiligungsgesellschaften (UBGG)“. Dabei wird insbesondere auf die Hintergründe des Entwurfes, sowie auf ähnliche Modelle im europäischen Ausland...

We model deferred compensation as a share of an uncertain futureprofit granted by a financially constrained employer to her employeein mutual agreement. Deferred compensation serves as a retentionmechanism, helping the employer to avoid bankruptcy. The optimalcombination of cash and deferred...

Der Stellenwert von Risikokapital (Venture Capital) zur Finanzierung des Wachstums junger Unternehmen hat in den letzten Jahren enorm zugenommen. Triebfeder dieser Entwicklung waren die zahlreichen Unternehmensgründungen auf Basis elektronischer Geschäftskonzepte im Internet (E-Business)...

This paper offers analysis of corporate governance issues behind the stock market performance(stock returns and activity) in nine Central and Eastern European (CEE) countries: the CzechRepublic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. Overthe period June 1994...

This paper presents a case study based on a full dataset related to 31 companies operating in thePolish beer industry during the 1990’s. It discusses the impact of privatisation and of secondaryownership transfers on market outcomes. It confirms the critical role played by foreign...

In diesem Beitrag wird im Rahmen eines theoretischen Modells untersucht, ob Banken mittels ihrer Beteiligungen an anderen Unternehmen ihre Interessen auf Kosten der restlichen Aktionäre durchsetzen. Insbesondere wird die Frage untersucht, ob es dadurch zu einer ineffizienten Unternehmenspolitik...

This paper analyzes the impact of various assumptions about the association between aggregate default probabilities and the loss given default on bank loans and corporate bonds, and seeks to empirically explain this critical relationship.(...)