Die aktuelle wirtschaftliche Lage der Banken in Deutschland ist durch anhaltenden Margendruck und steigende Risiken insbesondere im mittelständischen Firmenkundenkreditgeschäft gekennzeichnet. Deutschland gilt bereits seit geraumer Zeit als "overbanked". Parallel dazu wird eine abnehmende...

This paper discusses whether, in which respects, and to what extent the corporate governancesystems of Germany, the United Kingdom and France have already converged in the course ofEuropean economic integration, or are likely to converge in the foreseeable future. Wepresent, and attempt to...

One might easily gain the impression that the academic work of Professor Erich Guten-berg, whose centenary provides the occasion for this lecture, is outdated and has lost touch with contemporary economic theories of the firm. However, this impression would be wrong, as this paper demonstrates...

The relationship between executive pay and corporate financial performance con-tinues to attract wide academic, media and policy attention. The very high salariesenjoyed by senior executives in corporations primarily in the North American coun-tries are often contrasted with the relatively low...

In spite of Microsoft´s quasi monopoly position in the market for operating systems Linux has succeeded to become a serious competitor of Microsoft Windows. From an economic standpoint this fact raises some puzzles.(...)

Der folgende Beitrag geht der Frage nach, wie die Verteilung von Entscheidungsund Handlungsrechten in Unternehmen im Rahmen der Corporate Governance ausgestaltet werden kann. Im Zentrum der Überlegungen steht die Frage, welcher der am Unternehmen beteiligten Interessengruppen diese Rechte...

This paper provides a framework for the securities transaction industry inthe EU to understand the functions performed, the institutions involved andthe parameters concerned that shape market and ownership structure. Ofparticular interest are microeconomic incentives of the industry players...

A model is analyzed in which agents exert effort to create innovations within an organization. When payments are infeasible, the decision on the implementation of a proposal is shown to bemadeby simplemonotonic decision rules. A trade-off arises between the use of information and the incentives...

Using event study methodology, this paper tests whether stock market reactions differ when an alliance formation or termination is announced. In addition, the study provides an in-depth analysis of potential determinants of stock market reactions to alliance formation announcements.

The self-employed are substantially more satisfied with their work than employed persons. We document this relationship for 23 countries and show that the higher job satisfaction can directly be attributed to the greater autonomy that self-employed persons enjoy....