Was erwartet mich an der Hochschule? Werde ich den Anforderungen gerechtwerden können? Wie ist das in einer Vorlesung? Wie sind die Professoren?Wer studiert außer mir das Fach? Diese und weitere Fragen beschäftigen jedenStudienanfänger. Der Schritt von der Schule oder aus der beruflichen...

This note investigates the effects of the education level, product market rigidities andemployment protection legislation on growth. It exploits macro-panel data for OECDcountries...

In a bilateral oligopoly, Ghosh and Morita (‘Social desirability of freeentry: a bilateral oligopoly analysis, 2007, IJIO) show that entry is always sociallyinsufficient if the upstream agents have sufficiently strong bargaining power. Weshow that this conclusion is very much dependent on the...

Armchair evidence shows that many industries are made of a few big commercial ormanufacturing firms, which are able to affect the market outcome, and of a myriad of smallfamily-run businesses with very few employees, each of which has a negligible impact on themarket. Examples can be found in...

We study the role of whistleblowing in the following inspectiongame. Two agents who compete for a prize can either behave legallyor illegally. After the competition, a controller investigates the agents’behavior. This inspection game has a unique Bayesian equilibriumin mixed strategies. We...

This paper approximates stochastic integrals with respect to the geometric Brownian motion by stochastic integrals over discretized integrands, where deterministic, but not necessarily equidistant, time nets are used.

We analyze numerically the superreplication problem and the associatedhedging strategy in an illiquid binomial market. We prove theexistence of an optimal feedback strategy for European and barrier optionsand compute it numerically by means of a dynamic programmingprinciple. We exhibit that the...

This study explores the information content of HML and SMB by linking the Fama-French factors toshocks in the state variables which predict future investment opportunities. It shows that the HMLfactor contains information about shocks to default spread. Moreover, the Fama-French modelexplains...

The American put is one of the oldest problems in mathematical finance. We review the development of the relevant literature over the last 40 years. Today the mainstream computational problems have been solved satisfactorily and the target of research is shifting towards the development of...