Im klassischen Modell von Diamond und Dybvig (1983) werden Bank-runs durch sich selbst erfüllende pessimistische Erwartungen der Anleger provoziert. Sie sind damit ein Sonnenflecken-Phänomen. Die spekulativen Runs können u.a. durch eine Einlagenversicherung vermieden werden. Allerdings...

In this paper a modified version of Bernanke and Blinder�s (1988) model of the bank lending channel of monetary policy under asymmetric information is presented. If, aside from reserve requirements, banks have to meet capital adequacy requirements as well, then the results suggested by...

Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two...

Electronic commerce and flexible manufacturing allow personalization of initially standardized products at low cost. Will customers provide the information necessary for personalization? Assuming that a consumer can control the amount of information revealed, we analyze how his decision...

Certification schemes for forest products are understood by many as a way to promote sustainable resource use when it is impossible to rely on direct enforcement of process standards. Based on the concept of ‘Self-Enforcing Contracts’, this study develops a market model that simulates the...

The current US IPO market is inefficient and unfair. To protect their own balance sheets, US investment banks systematically underprice offerings. To ration the cheap securities, the investment banks utilize various nefarious nonprice rationing techniques, including kickbacks. Regulators should...

This paper investigates the determinants of contracts? renewal in utilities industries where competitive tendering is used. As most of these contracts remain in the hands of the incumbents, we study the reasons of such a stability. More precisely, the empirical analysis deals with the urban...

Competitive tendering of local public transport services has been allowed in Norway since 1994. By 2005, 28 percent of all route production in Norway was procured on the basis of tendered contracts, covering around 40 percent of all passengers. The majority of the tendered contracts were gross...

During the past 15 years competitive tenders have become a common procedure to procure and organise passenger railway services in European Union member countries. Different models have been developed in different countries, spanning from the British radical privatisation and franchising of the...

This article reviews the recent experience of franchising metropolitan public transport services in Melbourne, Australia, to assess the extent to which the declared objectives of the franchising have been achieved. The failure of the initial franchise process is argued to be attributable, in...