This paper is the rst to empirically analyze the value to shareholders of the power to havea binding vote on management pay. We nd that in response to an unanticipated eventthat made it likely that an annual binding vote would become compulsory for Swiss publiccompanies, the apparent immediate...

This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...

A central role for economic policy involves understanding and reducing the impact of unexpected,extreme events. In this paper, we develop a simple economic framework with latentregime switches. This framework explains why investors and policymakers can decide not tohedge against extreme events,...

A central role for economic policy involves reducing the incidence of systemic downturns,when key economic variables experience joint extreme events. In this paper,we empirically analyze such asymmetric dependence using two approaches, correlationsand copulas. We document four findings. First,...

Developing new innovative products in the automotive industry means investing huge sums in advance, as one does not know if th product will be successful on the market after launch. The paper discusses the results of a qualitative meta-analysis of 16 empirical studies on New Product Development...

1.Ein Großteil der Innovationsentwicklung wird durch die Regulierung von Emissions- und Sicherheitsbestimmungen beeinflusst. Elektronik und damit Software zur Steuerung wird für den Großteil zukünftiger Innovationen die Querschnittstechnologie darstellen.2.Auf den Innovationsfeldern werden...

Corporate innovation management geared to long-term success calls for a strategy to grow innovations into a substantial competitive advantage. This, however, coincides with an enormous failure-rate at the market, especially in the field of breakthrough innovations...

The domain of New Product Development (NPD) is subject to considerable uncertainties.However, companies are required to manage the innovation process as efficiently as possible.The resulting conflicting demands often leave companies struggling to achieve both,efficiency as well as flexibility...

is explored. Our conceptual model is based on the information-processing perspective. A structualequation model was fitted to data from 497 NPD projects from Japanese mechanical and electricalengineering firms to test the proposed model.The empirical analysis found support for all hypotheses...

In this paper we report on the results of an interview research about new product development (NPD) processes and planning in 15 Japanese mechanical and electrical engineering companies. We asked the companies to describe one successful and one less successful project. All in all, we collected...