This paper aims to find evidence for the positive impact of cluster structures on employment development in Germany. It develops a new way of measuring the co-location of suppliers and buyers of intermediate goods in a region as well as the importance for the employment development in individual...

The aim of this study is to analyse how research and innovation activities, funded by the Nanosciences and Nanotechnologies, Materials, New Production Technologies (NMP) and the Industrial Biotechnology (B) themes in the Seventh Framework Programme for Research (FP7) (together: FP7 NMBP), are...

This paper demonstrates that the current literature on cross-ownership among firms underestimates the true degree of separation between cash flow rights and voting rights. We use accounting identities to define coefficients of control, such that any (direct or indirect) control of a firm may be...

Empire-building by managers implies that they use a lower effective discount rate in making investment decisions. We use actual investment decisions to measure the gap between the manager's effective discount rate and the market rate. Our empirical work is based on panel data for 193 Canadian...

This paper discusses the current state of and issues related to corporate governance in America after the passage of the Sarbanes-Oxley Act of 2002. It suggests additional steps necessary to realize improvement in the ways in corporations govern themselves and regulators must operate to make the...

Ownership structures are an important element of the theory explaining corporate governance. This study presents detailed descriptive evidence on the ownership structures of German manufacturing firms. It addresses several shortcomings of the previous German empirical literature: First, we study...

Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However,...

The economic analysis of corporate governance is en vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, the structure of the board and the market for corporate control influence firm performance. This...

This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...

This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...