Real options investment theory predicts current investment falls asuncertainty about market returns increases. In the case of R&D investment,which is usually considered an irreversible form of investment, this effectshould be quite pronounced. This paper tests the real options predictionabout...

The literature suggests that public research and development (R&D) subsidies mayreduce market failures affecting private R&D investment caused by incompleteappropriability of knowledge and financial constraints due capital marketimperfections. Drawing on the theory of investment under...

Recent surveys report that firms claim they do not rely heavily on patents in order toappropriate a return on their innovation. Yet, firms do patent, as indicated by the largenumber of patents that are granted. This paper offers a possible resolution to this puzzle.It takes a simplified version...

Im Mittelpunkt dieses Beitrag stehen Verweildauermodelle und deren Verwendung als Analyseinstrumente für die Bewertung und Berechnung von Kreditausfallrisiken. Verschiedene Möglichkeiten zur Berechnung der Dauer des Nichtausfalls eines Kredites werden dabei vorgestellt. Die hier vorgestellten...

This paper estimates the issuers' demand for the banker's underwriting service across different varieties of equity-linked securities.

In this paper we use a dynamic structural life-cycle model to analyze the employment,fiscal and welfare effects induced by unemployment insurance. The model features a detailedspecification of the tax and transfer system, including unemployment insurance benefitswhich depend on an individual's...

This paper considers the problem of determining the extent of any state dependen-cies in women's labor supply behavior. Employment outcomes are modeled using adynamic multinomial choice framework including persistent unobserved heterogeneitywith a relatively general distribution. In order to...

Almost half the women in work in the UK work part-time, but views conflict: does this support awoman’s career or is it a dead-end trap?Cohort data on labour market involvement to age 42 show highly varied pathways throughfull/part-time/non-employment. Econometric estimation confirms that...

Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...

Data on contestants’ choices in Italian Game Show Affari Tuoi are analysed in a way that separatesthe effect of risk attitude (preferences) from that of beliefs concerning the amount ofmoney that will be offered to contestants in future rounds. The most important issue addressedin the paper is...