We provide the first econometric study of efficiency for a member of the Mondragon group of worker cooperatives. Eroski is a retail distribution chain and, most unusually, there are two distinct types of hypermarkets: (i) cooperatives with significant employee ownership and voice; and (ii) GESPAs...

This paper analyzes the performance of the European railway sector in the period of deregulation (1990-2005). Using a stochastic frontier panel data model that controls for unobserved heterogeneity a multiple-output multipleinput distance function model is estimated in order to evaluate the...

Die vorliegende Arbeit analysiert die Stärke der Kapitalmarktreaktion auf Ankündigungen von Desinvestitionen in Kontinentaleuropa und arbeitet konsequent deren Bestimmungsfaktoren heraus. Sie beantwortet somit die Frage, ob Desinvestitionen einen signifikanten Beitrag zur...

Are financial markets efficient? One proposition that seems to contradict this is Shiller's finding of excess volatility in asset prices and its resulting rejection of the discounted cash flow model. This paper replicates Shiller's approach for a different data set and extends his analysis by...