We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...

Within the Internal Ratings-Based (IRB) approach of Basel II it is assumed that idiosyncratic risk has been fully diversified away. The impact of undiversified idiosyncratic risk on portfolio Value-at-Risk can be quantified via a granularity adjustment (GA). We provide an analytic formula for...

Klappentext: Die Bedeutung der zwischenbetrieblichen Zusammenarbeit bei der Entwicklung komplexer Produkte nimmt stetig zu. Moderne Informations- und Kommunikationstechnologien ermöglichen eine Verbesserung der Interaktion räumlich verteilter Entwicklungspartner. Die Herausforderung besteht...