11 hypotheses from agency theory, transaction cost analysis, and Ouchi's theoretical approach on the impact of environmental, Company and salespeople characteristics on the design of salesforce control systems (outcome- vs. behavior-based) are summarized and tested on a data set of 270 German...

In der jüngsten Vergangenheit wird der Effizienz und Effektivität von Funktionen, die von Unternehmen selbst wahrgenommen werden, erhöhte Aufmerksamkeit geschenkt. Während diese Diskussion bisher auf den Bereich der Beschaffung und Produktion beschränkt war, wird neuerdings im Rahmen von...

We study the effect of transaction costs (e.g., a trading fee or a transaction tax, like the Tobin tax)on the aggregation of private information in financial markets. We analyze a financial market à la Glosten and Milgrom, in which informed and uninformed traders trade in sequence with a market...

The reaction of exports to real exchange rate movements can differ according to the nature of the destination country. We derive and estimate a gravity equation for 20 OECD exporting countries and 52 developed and developing importing countries. We test how trade costs dampen the effect of real...

This paper studies the effect of foreign direct investment (FDI) on environmental policy stringency in a two-country model with trade costs, where FDI could be unilateral and bilateral and both governments address local pollution through environmental taxes. We show that FDI does not give rise...

We consider the problem of portfolio selection within the classical Markowitz meanvariance optimizing framework, which has served as the basis for modern portfolio theory for more than 50 years. Efforts to translate this theoretical foundation into a viable portfolio construction algorithm have...

We consider a partnership game with two roles in which a large population of firms interact to carry out, say, R&D joint ventures. The partners have to build a common-property asset through a sequence of costly investments. Firms have access to a monitoring technology whose cost depends on the...

This paper uses a transaction cost approach in order to classify the different policy options that are currently discussed in relation to the Kyoto protocol. It analyses the market as only one of the possible collective decision making processes, which are available to operationalize the concept...

The transition from plan to market provides a rare opportunity for insight into the endogenous development of economic institutions. Economic activities during the Soviet regime were co-ordinated by a central authority. These co-ordinating mechanisms were disrupted during the transition period,...

The paper models the combined use of taxation and voluntary agreements when there is asymmetric information between the regulator and industry on the firms' actual emissions. The model incorporates the following features: 1) the regulator does not know the firm's special production...