This paper investigates politically connected rms in Germany. With the in-troduction of a new transparency law in 2007, information on additional incomesources for all members of the German parliament became publicly available.We nd that members of the conservative party (CDU/CSU) and the...

This paper shows how a financial institution can profit from the development of financial products even if they are unpatentable.

This paper analytically investigates the credibility of managerial forecast disclosure introducing a game theoretic perspective by extracting robust implications from disclosure models.

Investment Banks invest in R&D to design innovative securities even when imitation is possible, i.e., when innovations cannot be patented. We show how a financial institution can profit from the development of financial products even if they are unpatentable. For certain types of financial...

In the past few years the informal sector in countries in transition hasincreasingly become the focus of research, public policy and the media.The term ‘informal sector’ has been used to describe an extremely widespectrum of activities, which do not necessarily have much in common,such as...

We analyze how an entry regulation that imposes a mandatory educational standard affectsentry into self-employment and occupational mobility. We exploit the German reunification asa natural experiment and identify regulatory effects by comparing differences betweenregulated occupations and...

In diesem Beitrag wird mit dem Swiss Solvency Test (SST) ein mögliches Referenzmodellfür die Ausgestaltung von Solvency II vorgestellt. Der SST wurde vomschweizerischen Bundesamt für Privatversicherungen entwickelt und zu Beginn desJahres 2006 für grosse Lebens- und Schadenversicherer...

This paper investigates the effect of business regulations on various measures of entrepreneurship. Using data for a sample of countries participation in the Global Entrepreneurship Monitor between 2002 and 2005, we estimate a two-equation model explaining the nascent and the actual...

Risk reporting is an emerging reporting challenge in Europe. Current literature assumescorporate risk reporting to be informative for its users. The purpose of this paper is toinvestigate in how far risk disclosures can meet the information function alleged.Embedded in frameworks of economics of...

Managerial forecast disclosure has gained increasing interest. Besides voluntary publication,managers are more and more obliged to disclose forecasts by recent accountingregulation. This acknowledges the common proposition that forecasts were exceptionallyrelevant and decision useful information...