When procurement contracts are awarded through competitive tendering participating firms commit ex ante to fulfil a set of contractual duties. However, selected contractors may find profitable to renege ex post on their promises by opportunistically delivering lower quality standards. In order...

The doctrine of promissory fraud holds that a contractual promise implicitly represents an intent to perform. A promisor’s conditional intent to perform poses a problem for that doctrine. It is clear that some undisclosed conditions on the promisor’s intent should result in liability for...

Diese Dissertation enthält drei Aufsätze zur Theorie der Anreizsetzung bei nicht-verifizierbaren Leistungsmaßen. Untersuchungsgegenstand sind die Auswirkungen individueller Fairnesspräferenzen auf die Ausgestaltung und Eignung verschiedener Anreizmechanismen, welche in realen...

Diese Dissertation enthält vier Aufsätze zur Theorie der Anreizsetzung bei nicht-verifizierbaren Leistungsmaßen. Es werden positive Dominanzanalysen für Anreizmechanismen durchgeführt, die in realen wirtschaftlichen Situationen Anwendung finden. Der erste Aufsatz analysiert zwei...

Trade credit is an important way of firm financing. Its habitualpractice and the excessive enlargement of the payment periods deteriorateprofitability of firms and even could affect the performance of the financialsystem. In spite of the relevance of this issue there are few empirical...

This paper makes some selective comparisons of the empirical evidence relating to financial discipline and soft budget constraints in the enterprise sector in China and the transition countries of Central and Eastern Europe and the former Soviet Union (CEEFSU). The paper finds that: (1) in both...

We take a retrospective look at Hungary's experiment with a particularly draconian bankruptcy law. For an eighteen-month period in 1992-93, the Hungarian bankruptcy code contained an unusual automatic trigger that required the managers of firms that held overdue debts of any size to any creditor...

Companies in a broad range of industries and economies rely heavily on external sources to finance their operations. But, external financing could be expensive and/or difficult to obtain due to imperfections in real capital markets. I focus on cash-constrained manufacturers that rely on external...

Magistro baigiamojo darbo tema yra aktuali, todėl, kad šiuolaikinėje ekonomikoje darbas atidėtų apmokėjimų principu tapo kasdieniu reiškiniu, tačiau įmonės savo pirkėjams taikydamos prekinius kreditus visuomet susiduria su rizika, kad debitorių įsipareigojimai nebus įvykdyti dėl...