We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a...

Suppliers play a major role in innovation processes. We analyze ownership allocations and the choice of R&D technology in vertical R&D cooperations. Given incomplete contracts on the R&D outcome, there is a tradeoff between R&D specifically designed towards a manufacturer (increasing investment...

The paper presents a microeconomic model of human capital formation in a local labour market, with heterogeneous workers and firms, when product markets are characterised by price uncertainty. We analyse a setting where firms are hit by demand shocks determining either a good or a bad state....

Dass Arbeitsmarkt-Pooling einer der Vorteile von Ballungsräumen ist, ist zwar empirisch belegt, theoretisch jedoch nur gering fundiert. Der Beitrag stellt ein Modell der Humankapitalbildung in einem imperfekten kompetitiven gepoolten Arbeitsmarkt mit heterogenen Arbeitskräften und Unternehmen...

The process of innovation is driven by two main factors: new inventions and institutions supporting the transformation of inventions into marketable innovations. This paper proposes a new institution, called a semi-public competition, that has been neglected by the economic literature but exists...

We recommend that an auction market replace the current system for submitting academic papers and show a strict Pareto-improvement of equilibrium. Besides the benefits of speed, this mechanmism increases the average quality of articles and journals and rewards editors and referees for their...